Slope of Hope Blog Posts

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Three Little Pigs

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The bears had a real shot at breaking this uptrend yesterday morning, but they blew it, as usual. That of itself would have been bullish but today is also Tuesday, and Tuesday has been up 17 of the last 19 sessions, a formidable track record. I’m leaning bullish today until demonstrated otherwise.

I’m going to keep it short as I will be doing a precious metals post three or four hours into the session and I’ll look at three US equity indices to see what they can tell us about support and resistance here.

First is NDX, where the break below broken megaphone resistance was very swiftly reversed yesterday, and unless that changes today the pattern target is a test of the 3717.36 high. Making that target should at the very least have SPX testing the 1897 high, and might carry it considerably further. NDX 60min chart: (more…)