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.
Gold Stocks & Treasury Yield Relationships
There is no way to put lipstick on the pig that is the fact of HUI's failure below important support at the 475-500 zone. But the fact is that the HUI has benefited from a rising yield curve (panel 2) and a declining long term yield (panel 3, AKA our biggest picture of an ongoing deflationary need to correct or 'the Continuum', which is periodically met by policy makers' inflationary actions).
Retracement Flags (by Springheel Jack)
I have slightly mixed feelings this morning, there is definitely a path for equities to move upwards today and ES particularly has very well defined support in the 1377.5 – 1379 area. If that holds today then we may see a push higher that I would be expecting to find resistance in the 1398-1400 SPX area, at the channel resistance on my SPX 15min chart that I posted yesterday morning. That said there is a very bearish look to the overnight action and I'll mainly be looking at that initially. ES will need to break below 1377.50 to trigger that bearish scenario.
On ES there was a marginally higher high overnight on strongly negative 60min RSI divergence. This is a bear setup and there is a possible double-top in play if ES can break below the valley low at 1377.50 with a target at 1364.75. I will mention again that double-tops, like H&S patterns, only become higher probability setups on a break below the neckline or valley low. Until then both patterns are just promising looking lines on a chart: