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.
Inflection Points (by Springheel Jack)
There is always a conflict when you see short term patterns for during trading hours on both an index and its 24 hour futures equivalent. An H&S pattern completed the head on SPX and ES yesterday, and there was a clear short term double bottom on both at the lows yesterday. On ES overnight that double-bottom has played out to target, and the H&S is now largely formed. Where does that leave these patterns on SPX? It may be that we will see that right shoulder bounce on SPX this morning, as a sort of echo of the overnight ES move, but for the moment I would treat the ES move as completion of that double bottom, and disregard the setup on SPX. We'll see how that develops this morning.
