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.
US Dollar Update (by Springheel Jack)
I wrote a post last weekend about GBPUSD, and mentioned at the end of that post, which you can see here, that while USD had not reached my ideal channel retracement target, it might nonetheless be starting to reverse back up to complete the giant IHS forming on it. Since then the declining resistance trendline I highlighted has broken up and retested, and USD is showing what looks likely to be either a double-bottom, if it breaks up here, or the left shoulder and head of a small IHS, if it reverses here. Here's the current setup, and I haven't marked in the possible small IHS forming due to space constraints on the chart:
North vs South
And so the market started fading on leap day…
On the 1st SPY made a lower high at 137.99 vs the previous day's 138.19.
This much was enough the kick in a downtrend.
ES_H made an almost equal high, shy by only 25 cents vs the leap's 1377.25.
We were closing in on the uptrend line rapidly and ended Friday in a triangle, with the first close below the red trendline.
The triangle being a continuation pattern, the downside was in favor.
I posted this image Sunday night:
An Excellent and Amusing Video
MLPs & Flash Crashes (by TnRevolution)
As I was reviewing my charts and the financial news this weekend, I came across Mish's article:
Another Plunge in 3-Month Rolling Average of Petroleum and Gasoline Usage
He states, "Note that petroleum usage is back to December 1995 thru February 1996 levels. Gasoline usage is back to December 2001 thru February 2002 levels."
