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.

Wrap Up (by Faces In Cabs)

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First, a heart-felt welcome back to Tim and his family.

I am keeping this blog post simple and short.  After this week, the charting landscape has A LOT more damage on it.  We have seen 7% corrections already from the $SOX and $TRAN.  Big bulls and institutions will need to step up boldly and quickly to prevent this entire market from moving into a formal market correction.  Distribution days have remained pervasive throughout the week, and well documented by publications like Investor’s Business Daily.  Since I have shared so many chart over the last 8 days, today I am sharing just one.

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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:

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US Stock Market; Weekly Charts

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With the help of some of NFTRH‘s standard weekly charts, we take a snapshot of the US stock market.

The Bank index is unbroken from a weekly perspective. People will talk about an H&S but it is not activated until the trend channel and the neckline (a well defined support area) are broken. BKX, along with the Semiconductors has been a notable leader to the entire surprise* phase of the bull market out of Q4, 2012.

bkx

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