How am I expected to offering multiple posts a day commenting on a market that basically looks like this?
Well, it is what it is, right? Slope has been around for nearly thirteen years now, and I’m not going to walk away just because things have been Oh My God Boring And Awful for the past few months.
The general point I want to make is that the market could, at this point, fall quite substantially (stop that – – stop that laughing in the back!) and still not only be in a massive uptrend, but be ABOVE its loftiest resistance line. As in, say, the Dow Jones Composite:
The same holds true for the Dow Industrials. Indeed, the Dow could fall over six thousand points (again, back in the back, you have got to stop laughing – – you’re disturbing the class) and still be in a massive, unbroken uptrend. It just goes to show you how parabolic things have become.
One of the few indexes which has seen any kind of softness lately is the Dow Transports. Indeed, the Trannies have quite a clean pattern rolling for the past twenty-five months.
A look at the Major Market Index tells you the same thing. We are not “at resistance”. We left that train station ages ago. We’re in the ionosphere.
And, if there are any children out there reading, I want you to know there was a time in human history – – – not that long ago, although it feels like a century – – when THIS was allowed to happen.