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.
This has been an eventful year, to say the least. One of the biggest sea-changes to have taken place is how tech stocks have become laggards instead of leaders. Witness the ratio chart of the NDX versus SPX to see how tech stocks have fallen out of favor on even the longest time scale.
I looked at COMPQ today to see if it threw off any different signal from the Nasdaq 100 (NDX) and QQQ you posted yesterday. Only two minor differences stood out: the line from 2009 through 2018 has been acting as resistance and COMPQ is a little higher above the 2009-2020 line.
We have three trading weeks left in the year. I won’t rehash the many ways the second half of this year has pissed me off, but I remain bearish heading into the holiday season. As anyone who’s read my posts knows, regardless of supposed political positioning, macroeconomic events, whatever, I try to follow what the charts tell me. And the charts messaging to me has not changed all year, we are headed down for coming months.
Thursday afternoon means the latest Federal Reserve data tumbles out. The calculated target for the S&P is up a little, but still over a hundred points beneath present price levels.
Only days ago, the financial media was ablaze with “analysts” scurrying around and celebrating the fact that the S&P 500 has, at long last, crossed ABOVE the 200-day moving average. Since 9,999 out of 10,000 humans are permabulls, this makes sense, because one wants to pander to their audience. It seemed odd to me, since a market pushing to such an extreme wouldn’t seem like a great time to enter positions. The past few days seem to bear me out (so to speak) on this point.
