I covered the main SPX charts and also charts for Dow, RUT, NDX and COMPQ in yesterday’s post arguing the case for a strong reversal to new retracement lows from the rally highs made on Friday. You can see that post here. I was making two key points in that post, which were firstly that there has not been a year in the last fifty years without a test of either the SPX 200 DMA or the weekly lower bollinger band, and we haven’t seen either tested so far in 2013. If that continues through to the end of 2013 then that would therefore be a real statistical rarity or unicorn event. The second point was that clear pattern resistance was tested at the high on Friday on SPX, Dow, RUT, NDX and COMPQ, so these indices are all at trendline resistance. A break significantly over Friday’s highs would therefore be a bullish breakout in my view until demonstrated otherwise. (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.
