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.

Important Day

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SPX had a weak day and filled the very large opening gap in the afternoon. That was weak and bearish action, but while it weakens the idea that a full retracement low is in, it doesn’t rule out a rally going higher in a continuing downtrend. Looking at the daily chart the last four trading days have been crawling up the key rising support trendline from 1343. The rally targets that I was outlining in Sunday’s post require only that rising support from 1343 is not broken and that a lower retracement low is not made. As long as that remains the case that rally scenario is still very much in play, and the obvious upside targets on the SPX daily chart are the 50 DMA, currently at 1661.5, and the daily middle bollinger band, currently at 1663. SPX daily chart: (more…)