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.
After yet another vicious fake-out on July 29th, the market has resumed its old ways of banging out lifetime highs on a daily basis (weekends notwithstanding). Here are eight key index charts below, with brief remarks by me beneath each one:
Carvana (CVNA) is a stock I’ve written about many times over the years. Given its substantial rally over the past couple of weeks, I am compelled to mention it again, since it has returned to what I consider an important resistance level following the very well-formed diamond pattern that I’ve tinted.
Quite the past few days we’ve had, eh, boys? Here’s the FNGS, which tracks the FAANGS part of the tech stocks. I perceive this as a double top.
In my last post on Thursday 30th July I was looking at the downside targets on all the topping patterns on the main US indices and since then we have seen a very strong reversal back up, with those downside patterns failing into new all time highs on SPX and DIA, and failing today on IWM. This is now another big inflection point where US equity indices could turn down hard or continue higher, and I’ll be looking at that today.
Part of the reason for this has been the Iran War news where yet another imminent deal was announced on Sunday, though yesterday Iran denied any imminent deal or current ceasefire and underlined that by attacking the US base in Kuwait last night.
(more…)
