Slope of Hope Blog Posts

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Sliding Off The Upper Band

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After a six day band ride SPX fell away slightly from the daily upper band yesterday, though it didn’t fall far, and the promising bearish look of the open faded swiftly. It is still possible that the band ride could continue another day or two, but if so we would need to see SPX return to upper band resistance today, and that would be in the 1932-6 area. It’s more likely however that we will see more retracement or consolidation over the next day or two. SPX daily chart:

140604 SPX Daily Rising Wedge and BBs