I said on Friday morning that it was possible that the retracement low had been made on Thursday and while I though that was unlikely at the time I wrote it, the very strong reversal back up on Friday means that was most likely the case. You can see from the SPX 60min chart that the low on Thursday was a 23.6% fib retracement of the move up from 1646.47. If the double-top that broke down on Thursday has indeed failed, then I would expect new highs soon and for those new highs to be followed through. SPX 60min chart: (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.
I’m happy to report that the daily spoos is now sporting a brand spanking new NLBL at 1770 – nice round number. Which means we are currently trading mere ticks below a buy level. And until that is breached it affords us some very nice short entries with minimal risk. (more…)