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I cannot allow myself to end the day without a substantial post, but here we go. I wanted to share a few index charts and a few thoughts on them, even though the market is seriously a big fat MESS at the moment. We begin with the NASDAQ Composite, about which I’ll make these observations:
The Dow Industrials has been exceptionally strong and is actually very close to its highest point in the history of the universe. Pretty shocking, eh? Honest to God, we’ve gone from full-scale breakdown to inexplicable melt-up, so it’s a hell of a thing to untangle. I’ve been doing this all my life, and I honestly have no clue.
The Nasdaq 100 has, of course, been propelled by the Mag-7, which has stalled out lately. Once more, if we get weakness, there isn’t that far to fall, unless nuclear war breaks out. The price gap would be the first target, and it’s quite close.
Finally, a chart I can read! The Russell 2000 is honestly the only thing that isn’t a total nightmare. We seem at rock-hard resistance here. THIS chart I can work with, and I would say it’s cooked.
Actually, let me correct myself, because my good friend $UTIL is still a beautiful chart. This is the greatest diamond pattern I’ve ever seen. And, if I was a total putz, I’d add “full stop”, but I’m not, so I won’t.
One last tidbit for ANY surviving bears (you don’t exist) is the S&P 500 with the 25-dasy RSI. Notice anything about it? Yeah, it’s beyond nosebleed. The highest in YEARS AND YEARS. Not sort of high. Not kind of high. INSANELY, STUPIDLY HIGH. Want to buy the stock market because Jim Cramer says so? Be my guest! He’s fat, dumb, and happy, and so we all can be!
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