After a relatively wretched week, it’s heartening to see the breakout cough and sputter. As of this moment, the /ES has slumped clearly beneath its breakdown level, marked by that purple line.
Frayed to Black
Slope of Hope Blog Posts
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Recent Standouts
As we await the CPI on Wednesday morning, here are nine stock charts in my Recent watch list which I wanted to share. I’ve put remarks in the caption area of each.
Fiberglass Underwear
Wake up. Wake up! The market’s open. Although I know it’s hard to believe, considering the catatonic statement of the S&P 500 futures.
Honest to God. Just look at that. Five days of absolutely zilch. I guess no one is going to budge until the CPI tomorrow, because Lord knows everyone has stopped caring about Iran. Crude could be $500 a barrel, and the market would stay aloft. The /NQ holds a bit more hope, since it’s still in an (incredibly mild) downtrend.
I’m going to bang out my tasty morning segment then I’ll do a real post.
Time to Do or Die
Last week caused some real damage to the bear case, and frankly at this point a strong Monday might be the coup de grace.
Starting with the NASDAQ Composite, it is approaching lifetime highs. I’ve placed a dashed line at very minor resistance, with the break to lifetime highs not far from there. The exceptional topping pattern has been utterly ruined.
Big Changes Coming
Stocks, commodities, precious metals are bullish, but post-election balance will shift
It’s all been bullish after the summer swoon, as anticipated. While one reliable indicator we track (a smoothing of the Equity Put/Call ratio using moving averages) has failed to crack SPX into a proper correction, indexes like the SOX and NDX did crack hard. SPX internally rotated its way out of trouble.
From AI-driven Semiconductors to a Software bottom, base and rally. From big Tech (especially AI Hyperscalers) cycling back in, to Healthcare segments like BioPharma and Medical Devices. From gold, silver and gold stocks… to the commodities that they lead. *
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