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Perfectly Pinned

This is a syndicated repost courtesy of Slope of Hope – Technical Tools for Traders. To view original, click here. Reposted with permission.

For the entirety of last week, as well as today, the market has seemed exceptionally boring and dull. I was wondering if it was my imagination, but one glance at the SPY will confirm it. Here, for instance, is what the market was doing about a month ago.

In recent days, it has instead looked like this:

Tiny, pipsqueak little bodies. especially if you focus on last week’s five sessions. The market opens, it moves around as much as a five-month old corpse, and then it closes. In fact, if you draw a line from the open a week ago until today’s close, the net change is almost exactly zero. Dead. Dull. Drab.

I wonder wondering the last time the market was pulling a stunt like this, and sure enough:

That was literally the peak before the Covid plunge.

Not that I’m saying we’re about to undergo the same thing (nice as that would be). But, looking at the past few years, I cannot help but be struck by the alarming similarities between the peaks I’ve pointed out here:

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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