When’s the last time we had a down Monday? I think it was back during the Rutherford Hayes administration. In any case, the magic is still working wonders. No need for fancy tools, folks. Just place a case knife on your screen and you can envelop all the price bars as they ascend.
E-Mini S&P 500 1-Day Chart.
A longer-term chart of the ES shows that we’ve marked yet another never-before-seen high in the market. Are we slated to simply move up .5% to 1% each and every day in perpetuity? Perhaps. No meteor appears to be forthcoming.
E-minis S&P 500 180-Day Chart.
This is reflected in a more extreme sense, naturally, in the highly-visible high-fliers that keep ripping 5% or more day after day. The poster child for this is, naturally, Tesla (NASDAQ:TSLA), which was above $2,100 for the first time ever. I did a post on Friday to premium members about my target for this stock, and it seems to be moving there crisply.
Tesla 1-Day Chart.
The only flickering ray of hope is, as it was last week, the small caps. They are up, just like everything else, this today, but the trend for quite some time now has been for that strength to accomplish just one thing: a lower high.
As I enter the day, I am short 60 positions. Doubtless some of those won’t survive the open, as I have embraced an absolutely intolerance for any losing positions. My focus is going to remain on Slope’s burgeoning trading capabilities, which are well into the testing stage. I look forward to rolling it out next month.
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