Here’s today’s swing-trading watch-list:
Short Newmont Mining (NEM)
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.
$93.00 in the Cards for the U.S. Dollar?
$93.00 is the next major resistance level (Fibonacci confluence) for the U.S. $, as shown on the Weekly chart below.
The RSI is showing a negative divergence on this latest advance, and other indicators are overbought; however, Chaikin Money Flow is on the rise again, so the buying may not be over just yet.
$89.00 is the near-term resistance level that will need to be overcome and held to support a potential advance to the next level.
A Modest Proposal for Today on ES
This is a fast and short post as I have to go out soon and won’t be back until a couple of hours after the open.
Obviously my falling channel broke down on Friday and the 2019 support area was broken with very high conviction, with SPX close to a test of the 50 DMA at the close. Both SPX and ES hit the 3 SD (standard deviation) daily lower band at the lows (the normal bands are 2 SD bands), and I’ve been compiling stats for those at the weekend. I’m not all the way through that as there is a lot of data to crunch through, but I have a good feel for the historical probabilities for today from that.
First though I would note that the SPX low on Friday was at 2002.33, just above the November low at 2001.01. SPX has only broken the November low in December in nine years since 1970, mostly in bear markets, and hasn’t managed it at all in the last ten years, so that is strong support until it is broken in trading hours. If that support holds then we won’t see more than a test of the SPX low today before the Xmas rally begins. (more…)
