Just a late-night note about that horizontal line I’ve been following on the Russell 2000, which represents the highest levels reached since February. It was pierced tonight, which is unprecedented.
Stop-Sweeper?
Slope of Hope Blog Posts
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.
Testing 3300 on SPX
The nice topping setup from my post last week failed to deliver, with SPX finding support once again at the daily middle band, and the very nice bull flag channel on NDX failed to break down as I was hoping it might. Instead it continued to form and delivered the high retest that we have seen this week. So what now? Well the high retests on NDX and SPX have of course set up possible alternate double top setups which are again of high quality, so this is the next important inflection point,and in the event that the SPX daily middle band continues to be solid support, perhaps the last inflection point before a retest of the all time high on SPX.
(more…)Broad Way
I realize that record high after record high suggests – – logically – – that the future will be nothing more than more record highs – – I would at least like to be the voice crying in the wilderness and offer to you a series of broad stock indexes from Wilshire. These aren’t just the freakin’ FAANG stocks. This is the broad market. Just examine and understand that not everything is Apple:
Bananas For All! Keep Dancing
The Opening Notes segment of this week’s Notes From the Rabbit Hole, NFTRH 614…
Keep Dancing (while the music plays)
FOMC came, FOMC delivered what we knew they would, FOMC left and the machines drove the markets down and up for a couple days, leaving the situation largely as it had been. NDX near its highs, SPX holding the support of its EMA 20 and DJIA thus far successfully testing its moving average convergence (SMA 50 & 200).
As a bonus, Tech leadership (NDX/SPX) remained fully intact and the Semi sector may actually be firming again vs. Tech (SOX/NDX). In other words, it was another week of worry and angst outside of the markets (as the virus rages and the economy tanks) but stock prices only care about what monetary and fiscal authorities are doing to the money, the real funny munny.
(more…)Hi-Lo
The bifurcation of the market continues apace. On the one hand, we have the S&P 100 (represented here by the ETF) pushing to the highest point in human history, all while the economy is in an utter shambles.
