Slope of Hope Blog Posts

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Dealing with Rejection

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I came into yesterday assuming that we would see a bit of a pullback during the day, and then would most likely make a new 2013 high this week on SPX as the weekly upper bollinger band (BB) was tested. That could still happen, but yesterday’s strong rejection from the open and weak close was characteristic of a high, and the short term high may be in. Also, though there was some action above the daily upper BB (which rose by ten points) yesterday, the body of the daily candle was under the upper band and the close just underneath it. This suggests strongly that at the least the daily upper BB is likely to be respected as resistance today and I would put the maximum likely closing range in the 1703-7 area. We may well see much more bearish action to fill yesterday’s open gap however. SPX daily chart: (more…)