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.
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:
Silent Movie
I have an important function to attend tonight, so I don't have time to type in commentary. I have made time, however, to pull some charts together, and hopefully they speak more or less for themselves. Good night, and I'll see you here in the morning!
If Things Are So Bad In Europe, Why Euro Is Still Above Parity?
Things are not so good across the pond. ECB is unable to make the PIIGS pretty even with 1 Trillion Euro lipstick. (LTRO). Spain bailout is not a matter of if but when. Italy has just announced that their target for reaching budget target will be postponed by one more year. Given all that bad news, why is Euro still above parity? Why the commercials are long Euro week after week for last so many months as you can see in the COT report. What do they know that we are missing?
Harry Boxer’s Charts of the Day
Originally published on TheTechTrader.com.
