Slope of Hope Blog Posts

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Testing Serious Support

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SPX closed yesterday back at the daily lower bollinger band. I’m not expecting another strong break below the lower band at this stage so if the band is respected we are unlikely to see SPX close significantly below 1621/2 today. Worth noting as well are that SPX declining channel support and rising support from the 1343 low are in the 1623/4 area, and that the 23.6% retracement of the full move up from 1343 is at 1623.22. This is a very significant support confluence near where the SPX daily lower bollinger band is likely to end the day. SPX daily chart: (more…)