Slope of Hope Blog Posts
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Monday's Dow Change:
Tuesday's Dow Change:
I'm not sure how much more of this I can stand! W00t!
$VIX is at levels seen during prior major turning points…..
And the Broker/Dealer index is approaching a major descending trendline.
If the $SPX pushes above 951.69, there are a series of smallish hurdles that are above it. I've tinted them below.
I think the highest the market could possibly go is around the 1150-1200 zone, circled beneath. I remain bullish on commodities, but not much else.
Grumble. There's a circuit provider named YIPES whose problems apparently have caused the data feed to stop. Which means MarketMatrix and ProphetCharts aren't flowing quotes. So everything is frozen in time as of 12:47 EST.
It'll be an interesting experiment (unwelcome, however) in how things go "unattended", because, as a trader, I have absolutely nothing to do based on this circumstance except to let the chips fall where they may. We've got our engineering team on the case, although I'm not sure how much they can do if YIPES is the problem. Ugh.
I've mentioned DYY before, but I've got to point it out again as one of my favorite commodity longs. It's one of the nicest breakouts I've seen, and the notion of commodities pushing higher in price is a "theme" that works very nicely with my general view as to how things are unfolding.
Judging from this continuous contract of crude oil (weekly basis, three weekly moving averages), I'd say crude has a good probability of a downturn. Notice how, after cracking the 200-week moving average last summer and falling very hard, it has clawed its way back up to just underneath the same moving average.