Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
I was talking on Monday about the decent looking setup for a lower high on SPX, and so it proved to be. What next?
Well the rising wedge from the early May low has broken down and almost entirely retraced. There is some possible support here, but the trend down day that ES/SPX has delivered so far today may well see 2800 support broken and the next obvious move back into the 2750 area.
SPX 5min chart:
It turns out, after I dug deeply enough, there is a treasure trove of Wilshire equity indexes available in SlopeCharts. I shared my custom-made watch list with my Gold and Diamond members on Thursday night, but here are five choice-looking long-term charts which I think speak for themselves. Please note that this data is from the economic database, which is Diamond level, but the charts are pretty cool nonetheless……….
Misplaced optimism really rubs me the wrong way. And after Thursday’s close, the world was absolutely drenched in the stuff. If you watched the coronavirus briefing, as I do each afternoon, you would have rightly assumed it was the last one. There was an enormous “good work, everyone, we’ve learned a lot, take care!” vibe to it, and it seemed clear that the mood was much very one of victory and completion.
This was reflected in the after-hours market as well. Since the ES successfully managed not to crack 2750, it took a rocket ship higher, and it tagged the line I put in place from early in March.
Below is a walk-through of eleven important cash indexes. In every single one, I have applied the Williams %R indicator (14 days), and the 50% retracement from the Fibonaccis is shown as a bold horizontal line. The only exception is the Russell 2000, whose line is at 38.2%. Please click on any chart for a larger view and to see the symbol/name in the upper left.
This has been one rough week for the bears, if there are any besides me left. Personally, the roughest one in nine years, by my guess. As a sliver of hope (which, let’s face it, is sloped) I offer the following major cash indexes, which have reached their 50% point on the Fibonacci Retracements.
