Here’s today’s swing-trading watch-list:
Short Basic Energy Services (BAS)
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.
SPX Double Top Breaks Down
There were three significant technical landmarks for me yesterday. The first that double top support on SPX broke down, breaking the third and last support level I gave last Friday morning. The second was that the daily RSI 5 closed under 30, so the daily RSI 5 / NYMO sell signal I’ve been following has now unambiguously made target, though the historic stats on these nonetheless further support that the SPX double-top that has just broken down should make the pattern target in the 1937.70 area. The third was that a daily lower band ride was confirmed with the strong punch below the daily lower band.
So what now? Well the odds favor a lower close today, but not another trend day down. We may see a modest rally close or perhaps a flat close as a less likely but possible alternative. SPX should test the lower band at some point today, and that is currently at 1975. Yesterday’s low is very unlikely to hold and all longs should be counter-trend now until the double top target is hit. SPX daily chart:
Measured Target for Energy Exploration
An important ally for me during the recent weakness (Wednesday notwithstanding) has been XOP, the oil & gas exploration fund. It’s a very clean pattern, and I intend to hang on to my short positions tightly until we can (hopefully!) nail the target I’ve marked below with the green dotted line.
Complete Cultural Saturation
Well, the goofy Bay Area I live in has become even goofier. Cultural saturation in this everyone-deserves-to-be-a-billionaire loony bin has found its way even to children’s books. In this guide to the alphabet, the letter “I”, for example, is used for the all-important words “investing” and “Internet” (and, in a nod to reptile-loving neckbeards, “Iguana”). Sigh.
Autumnal Coupon
Things have been going so well in the wonderful world of Slope Plus that I wanted to remind those of you who aren’t subscribed about its features and urge you to subscribe here. I haven’t done this since May, but I’ve created a coupon that chops $29.95 off the price (meaning you can just use it for a month for free, or if you like, just enjoy the discount off the already-discounted annual rate). Just type in the coupon code trickortreat on the subscription page.
An example of the kind of idea I offer up on Slope Plus is shown below, which was posted just a couple of days ago. In the old times, I would have just posted this for everyone, but frankly, whenever I have a really good idea, it goes up behind the pay wall. I was illustrating a fascinating analog going on with high-yield ETFs – in particular, HYG. (more…)
