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.
Our latest 5-star general, LZ, sent me four ratio charts this morning which he thought could provide some insight. In particular, he wanted to point out how the small caps ($RUT) seems to be poised to outperform the NASDAQ 100 and S&P 500.
Don’t get me wrong. Today sucks. And, yes, here and there, I can see there are some instances where there are definite cracks appearing in the core Bear Market argument. Having said that, I want us to collectively remember that today’s explosive rally has delivered prices that haven’t been seen in the futures market since……..Monday morning. So let’s not all seppuku quite yet. Please observe these charts and keep your eyes on the big picture, irrespective of what’s happened over the past few hours.
If you missed our free public Chart Chat at theartofchart.net on Sunday then you can see the recording here or on our monthly free webinars page here.
In that Chart Chat we were saying that a retest of the rally high was likely early this week, and we saw that yesterday. SPX has a daily RSI 5 sell signal brewing, a fixed hourly RSI 14 sell signal, and the trendline setup for a reversal here looks very nice indeed. The next step if we are going to see a reversal here would be a break of the short term rising support trendline now in the 4105 area, and ideally the formation of an H&S at the possible neckline in the 4080 area.
(more…)Am I biased against this company? Yes. Does the bullish RBLX chart get me riled? Yes. Emotionally charged? Check.
Over the past two months, price action has staged a mighty comeback. This daily chart represents the company’s entire history with the market. Price is now approaching two trendlines of resistance, from the highs in June and November 2021.
