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.

A Quick Update on TF

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The only chart I'll be commenting on tonight is this 4-Hour chart of TF. Price is currently trading at a resistance level of an intersection of the the top of a "minor" uptrending channel and the lower one-quarter of a larger uptrending channel. It's also approaching another confluence resistance level at 813.20 of its 78.6% retracement level from its May 2, 2011 high to the October low and the lower one-third of the "senior" channel level.

At these levels, it's also beginning to trade in overbought territory according to my very short-term RSI indicator reading, so price may pull back somewhat before making its next move. At the moment, momentum is favouring the bulls, and near-term support sits at a confluence level of 780.00-785.00, comprised of the lower level of both channels and the upper one-third level of the Fibonacci retracement.

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Manufacturing and Construction Data Up From 2011 Lows

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Data released last night and today shows a small improvement in the Manufacturing PMI Indices in China, Europe, Britain, and the U.S., and a small improvement in Construction Spending and Manufacturing Prices in the U.S., as shown on the graphs below.

Since the last several months' worth of data has bounced a bit after large declines in 2011, it will be worth noting whether the weak trend is actually ending and strengthening into 2012, or whether this is just a blip before further weakness settles in.


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