Slope of Hope Blog Posts

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Double Tops

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This has been an ugly decline on equities so far, in the sense that there hasn't been much that has developed in the way of trendlines and therefore patterns. That is ominous, as I often see this near the start of a strong trend, before the large trendlines for that trend have started to clarify. 

SPX bounced at the daily lower bollinger band yesterday, and bounced back almost to retest the middle bollinger band. A daily close back above that middle bollinger band would look bullish, but we haven't see that yet, and that was at 1422 at the close yesterday:

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