I gave the ES range in two parts yesterday morning, 1826 to 1835, and 1835 to 1844. The RTH low yesterday was 1835 dead and the overnight high was 1844 dead. Clearly ES has not yet broken out of the range. There was a sharp decline on the Chinese PMI numbers and ES broke down into the lower half of the range and then retested the 50 hour MA on a bounce. The opening advantage belongs to the bears this morning, and as long as we don’t see a break back over the ES 50 hour MA, currently in the 1837 area, then we may well see a test of range support at 1826 today. ES 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.
The occasional winners just keep coming! Maybe there really is something to this charting stuff.
You’ll recall my touting Hercules Offshore as a great short. Well, in just a couple of weeks of time, it has fallen to its supporting trendline. I just covered at a very good profit. Huzzah!
Here is a question that we have often heard in regard to our approach to market analysis:
“You never mention the news. Don’t you think the news affect market behavior?”
It is a legitimate question, and the answer is: “Our model already factors in the news, before they even come out, so we don’t need to check the news”. (more…)