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S&P 500 Back to the Major Long Term Trendline

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Spot the trend!

OK, let’s take a big step back. The clean topping patterns we had been seeing have been pretty much wrecked. This market is, once again, a hot mess, and frankly quite a challenge to interpret. The only meaningful feature I’m seeing at this point on the S&P 500 is how we’re retraced back to the most important trendline of all, which is the one anchored to the March 2009 bottom.

I must say, the performance of some IPOs is quite impressive. There is Beyond Meat, which in just a few weeks time is up a couple hundred percent:

And a local firm here in the Silicon Valley named Zoom Communications, whose chart looks almost identical.

For myself, I’ve backed way off. I’ve got just 30 short positions with 60 waiting in the wings.

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