Slope of Hope Blog Posts
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On this quiet holiday weekend, I thought I’d share a couple of very long-term charts (which PLUS users enjoy via SlopeCharts) Here’s the Dow 30 featuring Fibonacci retracements and a projection. As you can see, the projection has been exceeded (see inset); in the normal world, this is called a “failure”, but in the world of charting, it’s a “throwover.”
As I sit here on Halloween night (yes, this show was pre-recorded), waiting to dole out candy to the kids of the neighborhood, I thought I’d thumb through a few my-God-when-will-they-stop-climbing index charts. So here goes………
In the year since Trump was elected, the Dow has climbed nearly six THOUSAND points. What’s surprising is that not once has Trump ever mentioned the strength of equity markets during his tenure. He’s been too focused on the job at hand, and doing it superbly. And no matter what your political point of view, you’ve got to respect that.
Note from Tim: In case it isn’t screamingly obvious, I did not write this post.
Many will simply read the headline to this article, and use it as support for their belief in the market striking a multi-year top right now. I mean, aren’t headlines like this proof that the market is overheated?
Well, the answer is a definite “sometimes.” You see, back in 2015 and 2016 I was writing articles with headlines saying that we are going to target the 2500SPX region. And, if you thought that those headlines were portending the end of the bull market, then you were clearly wrong. So, consider, maybe this headline is prescient rather than a contrarian signal.