Slope of Hope Blog Posts

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Upside Opening Up (by Springheel Jack)

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I posted a chart of the daily SPX early last week with the observation that of the last twenty times that SPX closed more than ten points below the daily upper bollinger band, support at the middle bollinger band was hit sixteen times before the upper band was hit again. To that extent the odds are still with the bears for the moment. Middle bollinger band support is now at 1447 and still rising, and it therefore isn't far now to reach it either. While we watch this sideways action however, the potential upside within the SPX rising channel and below the upper bollinger band is opening up, and resistance on those is now in the middle to high 1480s. That needs to be borne in mind from a risk/reward perspective:

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