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Below are six cash indexes that I find somewhat interesting in this record-high market of ours. First, we have the NASDAQ Composite, which didn’t draw any benefit from Nvidia’s ho-hum performance after earnings this week. This has not achieved new highs, and it continues to be priced for perfection.
Sandisk (SNDK) moved a modest +5,000% in a year’s time. There have been a series of basing patterns along the way, but I’ve got to say, the most recent one is awfully puny. Unless it breaks out above this little dish with some real gusto, this stock might get its first downdraft in human history. With a P/E of 54, it’s pretty much priced for perfection and endless growth at these levels.
In my post on 6th May I was looking at the resistance trendline on the SPX weekly chart and that rising trendline was being close to being hit in the 7385 to 7400 area. It was then hit and exceeded in what might have been a bearish overthrow, but I had by then also drawn in an alternate high quality resistance trendline that was hit perfectly at the high on Friday. SPX could go a bit higher, but the ideal upside trendline target has been hit. Look at the chart below and admire this beautiful rising megaphone from the 2022 low. 🙂
SPX daily chart:
Good morning, everyone. The market got deeply red last night, but I’m afraid as of this moment it has flipped green in a few cases. By and large, equity futures are unchanged before the opening bell, with the /RTY grinding away pointlessly since Friday’s afternoon session.
In my post on 28th April I was talking about the Hormuz crisis but noting that when SPX made a new all time high on 19th February 2020, well after it was so obvious that COVID-19 was going to be a big problem that panic hoarders had caused a worldwide shortage of toilet paper, it reached a major resistance trendline and I was speculating that we might see that again here, giving a trendline target 200 handles higher in the 7360 area.
In my last post on 6th May I was looking at the resistance trendline again on the SPX weekly chart and that rising trendline was being close to being hit in the 7385 to 7400 area. It has since been hit and exceeded in what might be a bearish overthrow, but a have also since drawn in an alternate high-quality resistance trendline that is being hit today. SPX could go a bit higher, but the obvious upside trendline targets have now been hit.
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