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.

Topping is a Process (by Springheel Jack)

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That was a very nice day for the bears yesterday until the rally in the last hour wiped out the day's losses. Overnight ES has broken to a new high and so far the broken resistance area at 1352-3 is now holding as support. Technically however, despite all the drama, nothing much has changed on the SPX chart apart from a double pinocchio of support from Dec 19th that is suggesting a bigger break downwards soon. Short term I have trendline resistance in the 1362 area, and support is now in the 1344-5 area. The 2011 high was at big resistance in the 1370.6 area and that isn't far away now:

120215 SPX 60min Trendlines

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Traders Rejoice?

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Nope.

Yet again, the bears stumbled mightily during the final hour of trading.

As Jason Goepfert of Sentimentrader.com stated, “The late-day rebound saved the indexes from suffering what could have turned into a relatively large down day.  That marks day #30 so far this year without a 1% down day, the 14th-longest streak since 1928.”

It is expiration week, so moves like today’s are to be expected, but the price action today was indicative of the last several weeks – down at the open rally towards the close.

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