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.
Hell of a week, eh folks? Being patient with this range the past month has been challenging, but we knew that sooner or later it would eventually break.
I was fairly doubtful that we would break to the upside, but I learned my lesson in the first quarter of this year, that no matter how bad things look or feel, you have to HAVE TO wait for a support level to break before getting committed to the downside.
For me, SPX 1325 was that level to watch. I closed a few shorts that day as a precaution, after all, I could always get short again if the level broke. Now that we have in fact broken upwards, it appears my observation last month is still in play.
To summarize, I was expecting a 50-61.2% retracement (small blue box) followed by a return to the Mar/April highs. You can read it here if you want a reminder.
Further to my last weekly market update, this week's update will look at the Major Indices and Major Sectors to assess strength vs. weakness in these groups during the past week.
The Weekly chartgrid below of the YM, ES, NQ and TF shows that price has been locked in a tight upward-sloping trading range from their June lows, with market action see-sawing back and forth each week.
This is the first week since that time that all four E-mini Futures Indices have closed above the mid-Bollinger Band (for today's exercise, I'll refer to this point as their "mean" on the Weekly timeframe). All four closed near their weekly high.