Recent: slopechart_SPY.jpg

slopechart_SPY.jpg

SPY daily. 

Because it is the weekend, have some charty! 

Green - Covid dump retracement fibbies 
Blue - Le channel 

I figured Mr. Market was going to pop through that fib line and climb a little higher than everybody thought. Technically, it did go above it for a few moments.  

To that end I also figured we were building a bull flag.  

That little hypothesis gets a great big hell no. 

I gotta say I really do not like the last 3 trading days on this chart. That looks terrible, and a pretty violent rejection of a valid attempt to get back into bull land. 

376 is the next step on this particular ladder. 

Also of note: XLRE cracked off a new low today. Energy briefly paused overall, but it would be pretty damn dangerous to holler about that being a top given all considerations. Health Care stumbled a bit as well going against the relative strength it has been exhibiting the last few months. And crypto is perched on the edge of the abyss. 

Dominoes looking to line up on this fine Friday evening

Image added via SlopeCharts
slopechart_SPY.jpg

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