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.
Well, after all the good reasons why the market would be down this week, it just isn't happening. 2012 appears to be the year when everything goes up a little, day after day.
The Russell 2000 has been threatening to break out. The level at 773 appears to have tremendous sway over this index, having represented firm support for a long time and, most recently, resistence. A clean break above this level might open the floodgates. Be wary.
We've been having a lot of days where the low has been made about 10.30 and equities then rose for the rest of the day. Yesterday broke that with a bounce that petered out and then drifted downwards until the close. That doesn't mean that we've seen a top, but it is a change in the character of the market. On ES we have broken down from last week's rising channel into a shallower one. A break below channel support in the 1280 area would look immediately bearish. Channel resistance is in the 1308 area: