Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Chart on SLB (Mike Paulenoff)

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Interesting chart on Schlumberger (NYSE: SLB) which you want to be in if and when the price structure starts to lift off of its 4-month base pattern, which projects to 71 and 73 roughly in the days and weeks directly ahead. SLB pushing up against its April 21 high at 68.50, which if hurdled and sustained should trigger continuation towards 70-71 relatively quickly. Keep in mind that earnings should be released tomorrow morning at 6 am ET. My sense from the powerful chart pattern is that SLB will react positively to the report.

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Originally published on MPTrader.com.

Irresistable Force vs Immovable Object (by Springheel Jack)

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Well, it should be an interesting day today. So much so that as I start
to write this I'm wondering how out of date this post will be by the
time I publish it. I will therefore try to keep the commentary short!

Firstly the SPX daily chart which shows very well why last week's top
was the obvious interim top. The key trendline is the rising trendline
that has marked the last four (arguably five) important interim tops:

100422_SPX_Daily_Channels_and_Resistance_Trendline

In terms of the last wave up we have reached the downside target that I
gave yesterday and are testing it. If it is broken with confidence then
there is little below it in terms of support for quite a while, and in
my view the interim top last Thursday will be confirmed:

100422 SPX 60min Channels

Here's a close-up view of the same chart:

100422 SPX 60min Channels Closeup

This support level corresponds to a support level on ES at 1187.9 that I
was looking at this morning & was mentioning at slope as the
key support level in my view. It is being tested as I write but has not
yet broken:

100422_ES_60min_Triangle_and_Support_Levels

A key thing to watch here is EURUSD which is showing a lot of weakness
today. A major support break on EURUSD may well coincide with a similar
break on SPX:

100422_EURUSD_60min_Channels_and_Trendlines