Slope of Hope Blog Posts

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European Wind (by Springheel Jack)

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The decision at the ECB meeting yesterday was a strong indication that the fighting talk from Draghi, Merkel and others last week was just wind, and that there will most likely be no big push from the ECB to start printing money on a large scale, because the Germans won't accept it. 

There was a substantial decline on the news which pushed SPX slightly below the 1360 area support zone with the daily middle bollinger band and the 100 DMA, and recovery over 1360 by the close. If we see more downside then main support is in the 1335 area, but as I said on Monday, the 1360 area is the first obvious support area and it may hold: