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.

Possible Double Top on SPX (by Springheel Jack)

By -

As I was suggesting it might, SPX tested the highs and the upper daily bollinger band on Friday and reversed there. That leaves a possible short term double-top in place on SPX which would trigger a target in the 1385-90 area on a break below the late September low at 1430. I'm not actually expecting that to happen, 65% of double-tops never make it back to the valley low, but it's something to bear in mind. Until that happens though there is very big support around there at SPX rising channel support, the lower bollinger band and the 50 DMA and that would be hard to break below: