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.

Rumors of Bear Extinction Exaggerated

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Well I said yesterday morning that if SPX closed the first hour of the day under the 50 hour MA and filled the opening gap then the bear side would start to look interesting, and so it was, strengthened by the fact that SPX failed even to gap over the 50 hour MA, instead delivering just a perfect retest in the first few minutes of RTH.

After it became clear that SPX was trending down I was watching my preferred support trendline option for support, and SPX bounced there in the afternoon. I posted the newly formed falling megaphone on twitter just afterwards. This is a technically well formed pattern and may well be the retracement pattern here. SPX 5min chart: (more…)