Slope of Hope Blog Posts

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Euro Reverses Up (by Springheel Jack)

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I was leaning bearish for the last three days last week, and while SPX didn't go up, it didn't go down either. On Friday morning there was a very promising break down through a decent short term trendline that had developed. That was quickly reversed, and overnight that recovered trendline has held as support. A rough triangle has formed over the last few days and we may well now see a break up through triangle resistance. If that holds then trendline resistance is in the 1413-5 area and we may well see that tested. Triangle support is in the 1397 area: