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.
They say there’s a first time for everything, and that applies to me today – – – although not very dramatically: I’ll be spending a portion of the afternoon doing my first Audible, Inc. session recording my book, Panic Prosperity and Progress (which, for those of you who don’t know about it, is described here………..). I’ve been delighted at the reception the book has received (Amazon has 19 reviews, last time I checked, and the average review is the highest 5-star rating. Anyway, I’ll be doing many recording sessions, because I’m told I’ll need to read for about 40 hours to get through all the sessions……….see ya later.
Oil and gas companies have been taking it on the chin recently (largely, I suppose, due to crude oil’s plunging price). We’re at an important support level now, represented by a multi-year trendline. If this line breaks, the fall is going to accelerate, because it has a well-formed head and shoulders pattern working in its favor now as well.
Here’s today’s swing-trading watch-list:
Short Autodesk (ADSK)
SPX broke down and closed under H&S support yesterday, and that H&S has a target at 1969, close to 38.2% fib retrace target at 1970, and the 50 DMA at 1971. There is obvious significant support at that target. The low yesterday was a test of the daily middle band, and that is holding so far.
I was disappointed to see the daily RSI 5 close at 35.19. The possible low range starts under 35.0, so that does mean we have at least one more weak daily close within this signal, but once we see a close under 35 then there is a one in four chance of making a low between 30 and 35, and when the RSI 5 hits 30 on a daily close then the signal has made target. SPX daily chart: