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.

Testing Serious Resistance

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I posted a SPX 5min chart on twitter yesterday shortly after the high pointing out the negative RSI divergence there, and that the high was an almost exact test of the daily middle bollinger band. I won’t use that today but you can see that chart here. On the SPX daily chart we can see that the high yesterday was a test of the daily middle bollinger band, the 50 DMA, and an approximate test of broken broadening wedge support. This is obviously a very significant confluence of resistance levels and the most obvious place to see either a retracement within a new uptrend, or possibly a rally high within a continuing downtrend. On a clear break above this area the obvious target is the daily upper bollinger band, now in the 1662 area. SPX daily chart: (more…)