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.

SPX Rising Channel Broken

By -

The rising channel on SPX broke yesterday and I’m leaning towards the view now that the Spring high was made last Friday and that SPX has started the move to retest broken resistance at the 2000 and 2007 highs that I’ve been expecting to see this summer. Obviously the bears have dropped the ball a lot of times in the last few years, but I would expect this setup to resolve down. SPX broke back below the daily middle bollinger band yesterday and as long as that holds on a daily basis then the next target is the daily lower bollinger band in the 1837 area, currently just under smaller double-top support at 1839/40. SPX daily chart: (more…)