Slope of Hope Blog Posts

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Likely Breakaway Gap Over Resistance Take 2

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On Friday night I posted a quick review of the very bullish setup on SPX at Friday’s close and the full post talking about that was posted yesterday. If you haven’t read that yet you can see that here.

In the short term the possible opening gap over resistance that I was suggesting as likely is looking likely at the time of writing. If that persists into the open then the important thing to remember today is that the bulls most likely own the tape today unless the opening gap fills, in which case we might well see a very strong decline instead, and a new retracement low wouldn’t be unusual. ES 60min chart:

150120 ES 60min Oversized IHS