Since Tim talked about precious metals, specifically the kooky idea of going long them, I thought I would do a follow-up to the volume hole entry SLV made a few days ago. My expectation at the time was for further declines, possibly down to $17.50. Well, Mrs. Market promptly slapped me upside the head with today’s surge across everything precious of the metal sort. I was stung enough to return to the chart and see what near-term outlook presented itself. (more…)
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.
Weekly Upper Bollinger Band Punches
I was saying last week that punches well above the weekly upper bollinger band were a rare event, and I’ve been looking more at those this morning to see what happened after previous instances. Since the start of 2006 I have only found two instances of this and these were as follows:
– Q2 Start 2007 – Continued up 80 points into early Q3 first high 2007 bull market double top
– Q2 Start 2010 – Immediately preceded spring 2010 high made next two weeks
That’s not hugely helpful in this instance so I have looked further back, but here is the SPX weekly 2006-13 chart showing those punches: (more…)
May 21st, 2013 E-mini Prep Work
I will keep this post as brief as possible. We are still in an uptrend and no significant news reports are on the schedule today.
Support: 1660.00-1661.25, also keep in my that this zone puts into play the Value Area low at 1662.50
Midpoint: 1665.50-1666.50
Resistance: 1669.75-1670.75
Here is the chart:
Very well defined range coming into today, and if the support level fails the market will want to test 1656.00. If resistance fails.. it would be making a new all time high and every moving average in the book would be up sloping.
