Slope of Hope Blog Posts

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Reversal at Resistance (by Springheel Jack)

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That was a strong reversal day yesterday and that was an encouraging start. There haven't been two consecutive down closes in October so far and we'll see if that can be broken today. On the big picture the reversal at main resistance yesterday was very encouraging for the bear side. On ES (though not on SPX) there was a bearish engulfing candlestick and a potentially very bearish setup that I've detailed on the daily chart: