Slope of Hope Blog Posts

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Gapping Up Into 2015

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That was an impressive decline on Wednesday, and that was a match to the bearish long term stats for the last trading day of the year. The stats today are neutral to very slightly bearish, though it has been a decent performer in recent years, and the gap up today is a promising start for bulls if it can be sustained.

Short term a falling channel was established at the lows on Wednesday and if that holds, then the next obvious move would be a retracement to channel resistance in the 2075-80 area. SPX 5min chart:

150102 SPX 5min Falling Channel

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