I think it’s worth noting the broad cycles that Morgan Stanley has had over many years. Below I’ve shown (with a bit of help from Mr. Roper) what the moving averages have illustrated about Morgan’s moves over the decades. To my eyes, it seems to have peaked, as it has twice before.
Slope of Hope Blog Posts
This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.
Wells Fargo is struggling to re-enter its long-term upward-trending Andrew’s Pitchfork channel, as shown on the following monthly chart of WFC.
The momentum indicator has fallen below the zero level on this timeframe and has formed a lower swing low…hinting of further weakness ahead. And, as I mentioned in this February post, major support is at 50.00, so a break and hold below would likely see price retest the October 2016 lows, or drop lower.
* UPDATE @ close…WFC continued its intraday drop and closed near its low of the day at 52.26. (more…)
Note from Tim on “Focus” Posts: this weekend I decided to do things a little differently, and share some charts that were in a related industry. I am short all of these positions shown.
The following Monthly chart of the Financial Sector (XLF) shows that it has been on a strong rally since mid-2017. It’s approaching major resistance around the 30.00-31.00 level (prior all-time high and double Fibonacci retracement levels).