Slope of Hope Blog Posts

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Another Retracement Setup (by Springheel Jack)

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Yesterday went pretty much as I'd hoped on ES. The low was a test of 1491 area support, and the high was at the ideal right shoulder high in the 1500 area, holding under the  50 HMA on an hourly close basis. The quality of the H&S forming on ES is still looking pretty good, albeit that ES is now trading back above the 50 HMA, and this bear setup has a decent shot as long as ES can stay under 1500. The H&S target in the 1476 area is also an excellent fit with a test of the SPX daily middle bollinger band in the 1480 area:

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