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.

Failure to Launch

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I was concerned this morning about the /ES getting ready to push about twenty points higher based on its breakout pattern. The breakout was fulfilled (see green tint), but it has, over the past hour, completely rolled over. A hefty double-digit gain is now inching toward the flatline.

The key is whether or not we can take out the low at 1348 (circled). If we can, that sets aside the entire bullish setup and eliminates the recent series of higher lows. I'm still in "wait and see" mode myself, with the hope that a Euro catastrophe will finally do what needs to be done to push this completely overvalued market lower.

0510-es

Bounce Targets (by Springheel Jack)

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SPX came within three points of hitting the 1340 level yesterday, but short term this looks like a bounce area. On the SPX 15min chart there was clear positive RSI divergence at yesterday's low, and the primary target for any bounce is the possible IHS neckline at 1365.74 and declining resistance from the high in the same area. If that is broken there is another possible IHS neckline at 1373.91:

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