Slope of Hope Blog Posts

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A Decent Start

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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:

140910 SPX Daily Trendlines BBs MAs