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A decent quality rising wedge has formed from the early March low, and that broke down last week. That could be a bullish underthrow of course or the wedge could be expanding. If wedge resistance is hit again today then at minimum I will assume the wedge has expanded, and redraw the wedge support trendline accordingly.
SPX 15min chart:
If you want to see how completely unhinged tech stocks are, look no further than the ratio of the S&P 500 index to the NASDAQ 100. We are basically back to the insane levels of the SPAC-drenched days of 2021. Beyond belief…………and this is from Friday. It’s even worse right now:
Preface by Tim: this is the 2,484th premium post ever published on the Slope of Hope website. Historically, premium posts have been invisible to non-premium (that is to say, Gold/Platinum) members. I have done myself no favors because of this, since it would be smarter to at least let their existence be known so that, sooner or later, some of you would want to see what all the fuss is about and go ahead and subscribe yourselves.
It’s actually more work for me to do it this “semi-visible” way, but besides making the premium content’s existence more visible, it should also help make comments more clean and non-segmented. There’s always been a bit of confusion about the two universes of premium and non-premium when it comes to comments, and I think this should eliminate that.
In any case, unless I’m not thinking of a reason to do it the old way, this is going to be The New Way of doing things for premium posts: everyone will see the headline and maybe a couple of sentences, but only Gold/Platinum (and, rare, also Bronze/Silver) folks will actually see the content of the post itself.
(more…)The gold and silver Commitments of Traders, as tracked each week in NFTRH leading into the correction, indicated a potential for a coming decline in gold, silver and the gold miners. A correction, not the end of the bull phase by this sentiment measure. CoT was overdone, but not extreme to a bull killer degree.
This as the macro fundamentals had been positive since late 2022 and gold miners’ technical situation bullish, but in doubt as to the ability to continue upward in the near-term.
(more…)
