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, the day started with a nice little "we don't really need QE3" selloff, but that reversed very hard (so far). I am watching the long-term view of EUR/USD closely.
The setup is gorgeous, but frankly, there's not much room for error here. The chart could be wrecked with a single strong up-bar. In any event, things are still in place for now, and as long as we stay beneath that ascending trendline, I think the oft-cited Euro analog is still on track.
Few Setups to take a look at today.
Long: Owens Illinois (OI)
The SPX support trendline broke down yesterday, and the short term high could be in, though I'd like to see a move below 1350 SPX for more confirmation that this seemingly endless up move has finally peaked. Trendline resistance still looks very solid and should be in the 1370 area today. The 2011 high was at 1370.56, and a test at that level would have some technical merit, so I wouldn't rule it out quite yet: