Slope of Hope Blog Posts

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Another Educated WAG

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At the point where SPX broke hard through the 50% fib retrace the overall trend shifted from bear to unknown in my mind, and it’s still in unknown territory now. I’m not assuming that this will resolve in either direction until I see some stronger evidence, but I’ll be calling the shorter term likely moves, which at the moment look a decent fit with either bull or bear overall trend.

Looking at the pattern setup at the close yesterday, and the recovery overnight, I have a new educated guess for the direction on SPX over the next few days. I’ll lay that down here and we’ll see how that goes. (more…)