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.

Testing Serious Support

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I was talking about the cluster of support levels in the 1768-80 SPX area yesterday morning and the low was at 1773. That has tested the weekly 20 and 50 MAs, and is a second retest of broken wedge resistance. There is a little play left in this support area but if we aren’t to see a much larger correction develop then this is the likely reversal area. SPX weekly chart: (more…)

Testing Serious Support

By -

I was talking about the cluster of support levels in the 1768-80 SPX area yesterday morning and the low was at 1773. That has tested the weekly 20 and 50 MAs, and is a second retest of broken wedge resistance. There is a little play left in this support area but if we aren’t to see a much larger correction develop then this is the likely reversal area. SPX weekly chart:

It may be that the short term low is now in, though I would say that my target at the possible rising channel trendline from 1646 has not yet been hit. if we were to now see a test of yesterday’s low that would open up a possible hit of that trendline and would deliver positive divergence on the 60min RSI. That may not happen but it would be a tidier low. SPX daily chart: (more…)