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.
Let's compare August 2009……….
……with today…….
Changes:
+ Internationally-famous Mime Shirt instead of metrosexual pink shirt;
+ Mole isn't making bunny ears behind me;
+ Total stranger taking picture had steadier hands back in 2009;
+ I was a lot more optimistic about a market that was about to fall to pieces back then! But then again, I think we all were. So, a little worse for the wear, but still fighting the good fight.
It's OPEX week, and that may well hold up equities, which have frankly been looking very weak. There's some reason to think that Friday's lows were significant though, as SPX held above the 1319 gap, which Pug is calling a gap of recognition. Here it is on the SPX 15min chart:
Here's the rather weaker NDX 15min chart for comparison. What's worth noting about both these charts is the trading zone, held within the black box on SPX and the red declining channel on NDX. A break up from these zones on both would be very bullish:
The Russell 2000 has reached the main support trendline from the summer lows last year. This is an internal trendline, but it has been the main support trendline since September last year:
Vix has been chopping around uncertainly within the closed gap zone. I can see some trendline justification for a move back just over 20 to establish a declining channel though I wouldn't put any money on it:
I'm watching copper carefully this morning. Copper has a big move up last week that didn't carry equities with it. It was showing signs of topping on Friday and has since retraced to a possible lower channel trendline. At the time of writing copper has broken down through that at support is at 445.5 and 438. A big retracement on copper would most likely mean further downside on equities:
I have mixed feelings about direction today and tomorrow and I'll be looking mainly at the two trading ranges on SPX and NDX. A break up from those ranges would be extremely bullish, and a break down could potentially be very bearish indeed, though I'd then be looking at the SPX daily 20 SMA at 1309 and serious support in the 1300 – 1305 zone.
