Slope of Hope Blog Posts

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Back Online

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My broadband connection is back up but hasn’t been back up for long so just a two chart post this morning.

SPX fell again to hit major support in the 1840 area yesterday. The very narrow and steep falling channel from the high broke up on positive 15min RSI divergence, and this is a very natural area to see a rally. What I would add there though is that a channel that looks like this one is very rarely a complete move. I am expecting a rally and then a further decline of whatever size to start from the top of that rally. SPX 15min chart:

140408 SPX 15min Falling Channel and Fibs