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.

Bearish Engulfing Candlestick

By -

Yesterday was a good start for the retracement that I’m expecting to see here, with a daily bearish engulfing candlestick on SPY. I am concerned though that there was no daily RSI 5 negative divergence at the high, and am wondering whether the high will need to be retested. Either way the engulfing candlestick, while a strong reversal signal, needs to be confirmed with more downside in the very near future. (more…)