Slope of Hope Blog Posts
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In addition to watching the BAC:SPX ratio pair, two others that will be of interest over
the next few days are the EUFN:STOX50 and GXC:SSEC
ratio pairs…to see how the European and Chinese Financial ETFs
compare, performance-wise, with their respective Indices.
ETF (EUFN) has broken above a major downtrend/200 sma
confluence resistance level, and has been outperforming the Index since the lows
in July, as shown on the Daily ratio chart below.
The Chinese ETF
(GXC) is at a 3-year prior pivot high resistance level and has
been outperforming the Index since the lows in May, as shown on the
Daily ratio chart below.
As in the case of the
BAC:SPX ratio pair, these two are also ones to watch to
see if the Financials Sector continues to lead the European and Chinese equity
markets higher and outperform their Indices in the process.
In one pair of images you can see what this market has become.
Behold Lisa Falcone, attention-craving wive of billionaire fund manager Philip Falcone (who himself is the occasional target of our friends at ZH).
On the left you see, metaphorically speaking, the asset markets of the world – – – propped up, made-up, dolled-up, and painstakingly crafted to look attractive.
On the right you see reality.
It is my mission to help you see reality, painful as it may be for us both. It would be far easier for me to simply point to the pretty girl, like 99.9% of the rest of the world, and doing so would certainly spare me the ceaseless bullshit of childish, churlish pinheads scattered around the world. But I'd rather be authentic.
Go ahead and give the market a deep tongue-kiss. Just keep your eyes shut.
Obviously I've been talking about this likely SPX test of pivot resistance in the 1440 area for a while now, and with the SPX close on Friday at 1437.92, that test is obviously upon us. There is very strong resistance in the 1440 – 1450 area, and it is made up first of that pivot level resistance, and second at double trendline resistance just under 1450.
The first of those resistance trendlines you can see on the 60min chart, and it is the resistance trendline for a rising wedge that may be forming from the June low. Only two touches of the upper trendline so far so the trendline is not confirmed: