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.

Chartwork on BAC (Mike Paulenoff)

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My near-term and 6-month pattern and momentum work on Bank of America (BAC) indicate that the price structure has some unfinished business on the downside prior to embarking on a sustainable rally period.

The very negative juxtaposition of the 21, 55, and 200 DMA's is creating significant downward price pressure, which, when coupled with the pattern that BAC has carved out off of its January recovery high at 15.31, projects lower prices into the 11.85/50 area next.

Such as decline will represent a retest of the Nov-Dec 2010 lows in and around 11.00. It will be during a retest that I will be watching closely for a significant upside reversal technical signal that BAC has finished its post-Jan 2011 correction. This should take the form of a multi-month, double-bottom base pattern that will have the potential to propel BAC to 15.00/30 and then 17.00-18.00 thereafter.

Only a sustained climb above 12.85 will begin to neutralize the current negative technical set-up, while a climb above 14.15 is needed to trigger initial upside reversal signals.

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Originally published on MPTrader.com.

Run to Resistance (by Springheel Jack)

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I'm not feeling at all well today, after a meal of possibly dodgy shellfish on Sunday, but I've dragged myself out of bed to do a very quick post. The overnight action is bullish, and suggests a run to test the Feb 2404 highs on NQ and through the Feb highs to 1342 on ES. What happens at those resistance levels should define the next few days. Looking at the ES 60min chart resistance at 1342 is significant, and a break up would open up a lot more upside. A failure there would suggest a retest of 1319, and if 1319 doesn't hold, then a potential move well below 1300. I'm leaning bullish but the potential for failure is definitely there:

On NQ the resistance from the last three days has broken overnight, and a move to resistance at the 2404 Feb high looks likely. NQ has formed a bull flag, and if resistance at the Feb high is broken then a move to 2450 looks likely:

Copper made a nice looking low with positive divergence on the 60min yesterday and more upside looks likely. That's supportive of equities today:

The Gap Guy says that fading up gaps are higher risk today, so if we see a large gap up it may just run.

Silver …. Interesting Day (by Leaf_West)

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Silver silver silver … its all over CNBC and even Tim danced with the devil earlier today!!  Volume on the SLV was at exhaustion type size … it will be interesting to see if price can push higher tomorrow/Wednesday.

SLV_April25, 2011_Daily

SLV_April25, 2011_30min

PSLV_April25, 2011_Daily

PSLV_April25, 2011_30min

I couldn't resist myself … I shorted via the double ETF at 3:40pm today LOL

$47.00 is the HOD for SLV and the VWAP finished today at $45.96 …. a failure to push above that $47-$46 area tomorrow could bring about some big selling at some point tomorrow. 

Edit … I see the volume on the SLV ended at 188.25 million versus 148.6 million back in November.  I'm going to hawk the SLV and silver equities tomorrow as there could be some good action there.