Slope of Hope Blog Posts

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Searching for Buried Treasure

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I am looking very hard for a significant low in the next day or three, and for those wondering why that is while reading this post I refer you to the last chart in this post and the associated stats with the current daily NYMO/RSI 5 setup.

Bulls had a shot yesterday morning and blew it badly in short order. SPX closed on the daily lower band for a second day, and that was the sixth day of the current ride down the daily lower band. If the downtrend continues then I’d expect the lower band to close in the 1900-3 area today.

What was significant yesterday is that support in my 1911-4 range broke, and SPX closed four handles below the 100 DMA. If that follows through then the next big support level is the May lows and the 200 DMA in the 1862 area, though there are a series of smaller levels between of which the strongest is at 1883/4. SPX daily chart: