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In the grand scheme of things, consider the area above current price on the following 50-year (monthly) chart of the SPX as the top of an iceberg…and the area below as its foundation beneath the surface of an ocean.
There is a fundamentally-solid foundation of (economic) support below the surface to keep the U.S. economy afloat in these turbulent times.
Because I am a deeply-troubled person, I spent my Sunday morning looking at centuries-old financial data from the United Kingdom. SlopeCharts – – which, if you’re not, you really should be using – – has a jaw-dropping amount of data in its economic database, and for a lunatic like me, it’s great fun just trawling through it. Here are some gems I found (descriptions captioned):
The Nasdaq bubble popped in 2000 after motoring upward on increasing
volume in two separate phases. Volume rammed upward and RSI diverged.
Like shootin’ fish in a barrel it was, except that at the time I was too
inexperienced to see it. It was a steep slope and blow out.