Slope of Hope Blog Posts

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No Decent Topping Setup Yet (by Springheel Jack)

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Some of you might be wondering why I'm still looking for a higher high on SPX here. The answer is simple. Without at least a hit of 1430, and ideally 1435-45, we don't yet have a decent test of the 1440 area SPX pivot, and that makes any high here look like a short term swing high before continuation upwards. I'm looking for something more definite. We also don't yet have a decent short term topping pattern, generally an H&S, or a double or M top, to signal the high and deliver downside targets. That higher high might deliver both. 

However we are where we are, and ES / SPX could go either way short term. On ES I have declining resistance in the 1412 area, and a break below would open up a test of the highs. A break below last week's low in the 1395 area would suggest a run at rising channel support in the 1368 area: