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Everything is in the groove from my post yesterday. NDX and ESTX50 made new all time highs yesterday. SPX and Dow made new all time highs today, RUT retested the August high today, making the second high of a possible double top. Only DAX looks slightly short of a new all time high but that may well be made too on Monday.
I had a look at all of these in my premarket video at theartofchart.net this morning and posted that on my twitter. If you missed that and would like to see it, you can see that here.
Obviously there is a chance that everything breaks up further here, so I’m carefully watching the well established resistance trendlines on SPX and NDX. The SPX wedge resistance trendline is currently in the 4450-5 area.
As a public company, Clorox has generated large, consistent returns for its shareholders for decades. When Covid hit, the stock went into overdrive, because everyone on the planet was rushing around wiping this, cleaning that, and scrubbing the other thing.
Well, the thrill of cleaning is gone (and pantries are packed to the brim with Clorox supplies), and its has reflected that fact in the CLX chart. Over the past year, Clorox has lost a full ONE THIRD of its market gap, when today being a particularly bad day.
I am pleased to let you know of a new feature available to all SlopeCharts users: the Energy menu in SlopeCharts, which gives you instant access to decades of historical price data for important energy markets:
This is a complimentary feature for all subscribers, Enjoy!
Endless assurances from Powell notwithstanding, allowing me to state yet again that these long-term ratio charts are not exactly screaming “throw your hard-earned cash into the most expensive equities in history”, but quite the opposite: