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.

Looking for Retrace Soon

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I’ve mentioned a few times that the punch over the weekly upper BB on Friday 15th November should deliver a 4% retracement starting soon, and I have a decent looking topping setup right here as it happens. On the SPX 60min chart that is a possible double-top at the high yesterday that would target the 1746 low (and possible H&S neckline) on a break below the last low at 1777.23 SPX. It may not deliver, or we may see another retest of the highs before it delivers, but this is a nice and classical reversal setup after last week’s break below rising wedge support from the 1646 low. It’s worth mentioning as well that 1746 would be an almost perfect 38.2% fib retrace of that move up from 1646. Just sayin ‘. SPX 60min chart: (more…)