Slope of Hope Blog Posts

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Bricks and Straw

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SPX made a strong move into new all-time high yesterday at 1858.71 and then came off that high in the afternoon. So now what?

On 10th February I wrote that the next target from the bullish hammer on the weekly chart would be a test of the weekly upper bollinger band. That was at 1888 at the time and had fallen to 1866 at the close yesterday. Yesterday’s high was close enough to qualify as a technical hit or very near miss, though we may well see a more exact hit shortly, particularly with the SPX daily upper bollinger band now at 1866 as well. I’m going to be treating that target as possibly made now. SPX weekly chart: (more…)

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