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.
I have to be out for a few hours before the markets open tomorrow so I’m writing this post after the Thursday close and might add a couple of comments at the bottom when I return 90 minutes or so before the market opens on Friday.
Obviously the broadening ascending wedge on SPX broke today, and as I hoped it might, it broke with an opening gap through wedge support, which is the strongest way to break a pattern trendline. That broken trendline should be good resistance on any counter-trend bounce that we might see here. SPX then tested the 1598 low, bounced a little and then broke down through it. That was also a very significant support break, as I explained in my last post. (more…)