Slope of Hope Blog Posts

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Ho Hum (by Springheel Jack)

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The bears have a shot at at least some downside this morning though there hasn't been any real selling so far this year. However the rising channel on SPX is holding, and the second touch of channel resistance on Thursday was retested on Friday on negative 60min RSI divergence. There's been some weakness overnight and if there is a break below 1470 then I have a small M top target in the 1457 area with some possible trendline support in the 1467 area. Here's how that looks on the ES 60min chart:

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