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Just a couple of charts worth noting. First is Tesla, which has been the weakest (literally 500th place) of the S&P 500. This won’t help: it is sinking toward multi-year lows, bound as it is by powerful Fibonaccis which I’ve been pointing out since JFK was shot.
When I was a kid, April Fools’ Day was kind of fun, but as an adult, seriously, it’s really annoying to read every given news item and wonder if it’s a joke or not. Given the state of the world today, it’s harder than ever to tell.
Mercifully, April Fools’ Day (which follows the vastly more consequential Transgender Visibility Day, which I trust you all celebrated with verve) is just about over. Let’s look at a few index charts to catch up.
First is the S&P 500, which hasn’t violated its ascending wedge over the past half year, but goodness gracious me, it sure is getting close. One even slightly bad day which crack this sucker.
The index charts almost all say the same thing: (1) prices are in an ascending channel; (2) there hasn’t been a single violation of the channel since it began about half a year ago; (3) the government isn’t going to allow any kind of dip in equities until the election is over.
Below is Archer Daniels Midland (ADM). It hasn’t closed its gargantuan price gap, but perhaps it never will. So far, the stock has peaked at 63.09, while the price gap is just above $67. In any case, this is an impressive top, so while it’s unclear whether any more progress will be made on that gap closure, I nonetheless wanted to share this topping pattern.
Although the sine wave pattern has had uneven results, there’s one market where it has still been spot-on: natural gas. The question at this point is: is right now a perfect time to get mega-bullish on natural gas?
