I'm hard at work on some new posts and – of course – SocialTrade. In the meanwhile, this song was on my mind this morning. If you grew up in the 80s, it's a must-listen. Enjoy!
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.
Eeek! I had taken the snapshots below of Polaris Industries yesterday, and I intended to do a post about the stock as a short idea, but I got too distracted with SocialTrade improvements. (And they're still tumbling in this morning – – I'll do a post later).
The "eeek!" is because the stock is down almost 5% right now. All the same, it's still a very interesting break of the wedge.
Here's a closer view. Again, this doesn't include today's action.
I laid out a number of options yesterday morning for likely direction. Bullish and bearish options #1 were straight breaks of the 1335 SPX resistance or 1290 SPX support levels respectively, but I mentioned that I thought these were less likely than the alternatives.
Bullish and bearish options #2 involved forming the right shoulder on a bearish H&S indicating to 1275 SPX, or forming the right shoulder on a bullish IHS indicating to 1405. The action yesterday was consistent with both of these H&S patterns and I'll run through how each option looks today.
Bullish option #1 is the straight break up through 1335 SPX area resistance. I still think this is a less likely option but in support of this option we have the SPY daily bollinger band chart, where you can see that the middle bollinger band, now at 131.58, has now acted as support for each of the last four trading days, with either the open or close very close to it each day. 1290 SPX is main support here in my view, but to test it we will have to see a conviction break below the middle band, currently in the 1311 area: