Slope of Hope Blog Posts

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Weak Bounce (by Springheel Jack)

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This latest bounce has been weak so far, but I'm thinking there should be a bit more life in it yet. I just have two SPX charts today as I'm still on vacation until next Tuesday, and have been coming under a little domestic pressure to spend less time on the markets, but between them they pretty much say it all about where we are now. On the SPX daily chart we can see the main declining channel from the highs this year. That gives us our line in the sand resistance level in the 1200 area, as with a daily close above that the declining channel will be broken: