I’ve been hearing a lot this week, and particularly with the break up yesterday, that we have moved beyond an area where TA can help forecast the markets. I have to say the evidence for that right here looks pretty thin. I said in my post last Friday that SPX might well retest the highs unless the 50 hour MA held as resistance. In my post yesterday morning I noted that SPX had broken back over the 50 hour MA and showed a rising wedge from the 1925 low, giving my reasons why I thought that wedge might well break up with a target in the 1960-5 area rather than break down. Yesterday that wedge broke up with a target in the 1965 area, and that joins the 1965 target that I gave almost a year ago in my weekend post on on 30th June 2013 after the break up from a much larger rising wedge. So far at least we have not demonstrably moved out of predictable territory. (more…)
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.