Trend following today The Consumer Staples Sector $IXR $XLP which trades upward to a new 52 week high, as The Nasdaq 100 Index $NDX pulls back.
Capital continues to pour into the US, and rotates, notwithstanding the professional doom and gloom crowd. One of the doom indicators they use, and recycle, is volume. They have been saying that since 2008.
Tesla (TSLA) long term Monthly S/R (Support and Resistance Price levels) approaching $246. If the shorts stopped supporting this thing, where would it go? And when does the government propping up run out?
We now know, after looking back weeks and months, that global capital flow, coming into the US, abandoning equity bear markets, and currency debacles, has valued the S&P at, at least, that $2,808 Price level. It took weeks and months to close over that price level. It is now continuing on Upwards in the direction of the 52 Week High, the all time high. Other than some minor daily S/R levels, this is really the only next significant long term trend following Price to target. Above is Blue Sky. This is not a forecasting or predictions blog, so beyond that, we’ll leave up to the AI crowd, oh yes, and to the opinion blabber mouths, whom seem to have all the global chaos figured out.