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.

Weakness in European Financials ETF (EUFN)

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Recent weakness in the European Financials ETF (EUFN) was punctuated by today’s (Thursday’s) gap down and close below the 50 day MA, as shown on the following 1-year Daily chart.

All 3 technical indicators have also dropped below their respective mid-point…signalling potential further weakness ahead. Major support sits around 23.50 to 24.50. Failure (drop and hold) below 23.50 could spark a major sell-off in European stocks…one to watch in the weeks ahead…particularly as the next ECB meeting approaches on June 5th. (more…)

The Great Brain Robbery

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The decline yesterday was dramatic, but not sufficiently dramatic in my view that we should now assume that the spring high was made on Tuesday. Bears will need to follow through and close below 1850 SPX before that assumption can reasonably be made.

I’m just looking at SPX and bonds today but I will just mention that the low on RUT yesterday was at 1082.53, still in the lower range I gave yesterday morning for a possible bullish recovery, and that NDX didn’t break rising support from 3414, though it came very close to testing it. There is a strong argument that this decline has limited the scope for further upside however, and if we should see a strong recovery from yesterday’s lows then I would mention that something often seen at significant highs is a sharp spike down before the main slightly higher high. This is a common way to set up a double top. (more…)