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.

SPX 1440 Area Pivot Test (by Springheel Jack)

By -

Well that was a very strong trend day up yesterday after the ES descending triangle broke up. The ES pattern target was reached near the trading hours close so that pattern is no longer in play. Somewhat to my surprise SPX closed an impressive 8 points over the upper bollinger band and that's bullish, in the sense that yesterday's high was unlikely to be a major high, and a higher high should be expected. 

On the bigger picture though this close well above the bollinger bands has only been seen once before in 2012, and that was in the March final move up into the April 2012 high. That was also a move out of a bollinger band pinch on the daily chart. Of the the four closes well below the bollinger bands since the start of August last year, all preceded significant lows within five days, and only in August 2011 (also from a bollinger band pinch) did the move continue strongly after that close, with in that case two more trend days closing well below the bollinger bands as well: