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.
Three Stocks in Bullish Consolidations
Gold vs EUR/USD (Paulenoff)
Under the circumstances, spot gold is holding up very well amdist a stronger USD and declining equity and commodity markets. Yes, it is a risk-off day, but so far gold has preserved its dominant near-term support lines and levels, which suggests that any lull or reversal in the selling pressure, should work to the advantage of the relative technical "health" of gold.
As long as gold holds $1663.50, it should be considered in a very healthy intraday condition. Only a break down beneath $1663.50, and continuation that presses below $1650- $1646.50, will inflict meaningful damage to the otherwise relatively healthy chart pattern.
Meanwhile, let's notice that EUR/USD is bearing down on key support (USD resistance) at 1.3080 to 1.3010/20. This must contain the selling pressure to avert a plunge towards 1.2960/40, which almost certainly will negatively impact gold prices and the SPDR Gold Shares ETF (GLD).
Originally published on MPTrader.com.
Possible IHS Forming (by Springheel Jack)
I posted a chart on twitter late yesterday which has had over 1500 hits so far, and it's the most important chart to look at today. That chart is the SPX 15min chart which is showing the possible IHS that may be forming at the 1387.5 area neckline with a target on the 1417 area. Yesterday was a trend day, and that's generally followed by a consolidation day, and that consolidation may now form a right shoulder on this pattern. If that forms and the neckline breaks up, then historically these IHSes on SPX generally make the target. I've marked in a possible path within the nice little rising channel that has formed from the low.
There are two other things to note from this chart however. The first is that the high yesterday hit the strong resistance area that I was highlighting yesterday morning, and that area is obviously still strong resistance. The second is that there was negative RSI divergence from overbought on the ES 15min chart at the close yesterday. I mentioned yesterday morning that if the downtrend was to continue then this rally would most likely fail the next time we saw this. I'll be watching that rising channel support on the SPX 15min today:
Airport Anecdote
Long-time readers know I'm not a big fan of travel. I am notorious homebody. I like to be with my dog, my chickens, and my nine computer monitors. I like my chair. I like my 50 megabit connection to the Internet (plus two backups). I like my Peets 7-pump chai at my side. And so forth.
But family travel calls, and thus I am here in Virginia Beach. I am doing the best I can with three laptops and a lame-ass wireless Internet connection (whose speed, I kid you not, clocks in at barely half a megabit).
On top of it all, my famous Blogger's Guilt was in full force today, as I was on a cross-country plane trip without WiFi. (United Airlines is still catching up to 1970s technology). Thus, Slope of Hope was pretty lame today, although it still garnered very strong traffic. (Thanks, Iggy, for helping holding the fort down!)
