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.

Three Dow Indices

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The weakness in the Dow Transports Index from early this year is evident on the
Daily chart below. Price has recently broken below and retested the break of its
large triangle (based on just the closes). The Utilities Index has recently broken and retested its uptrend
line from last December (based on just the closes). The Dow 30 Index is sitting just above triangle
resistance/support.

Of particular interest in the immediate term will be
the Transports Index to see if it, potentially, corrects and leads the others
down.

Dow Theory Musings (by Springheel Jack)

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ES broke declining resistance overnight and we may be seeing the start of a move to test the highs, very possibly to make a double or M top for the retracement that I am expecting to see. The main alternate scenario is that the retracement low is now in and we are seeing the start of a new wave up and that's possible, but I'm leaning strongly against that at the moment. 

On the SPX 60min chart the retracement from the highs so far looks like a bull flag, which is a good reason to think that we might see a test of the highs soon. If this rising channel on SPX from the June low is going to hold, then the maximum likely within that channel would be in the 1380-5 area, with the upper bollinger band in the 1482 area today. Equally if that channel is going to hold then the main retracement has not yet got going, and I have a possible target for that at the intersection of rising channel support and the May high in the 1415 area at the start of October:

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