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.
USD hit major price and double-Fibonacci resistance at 93.00, as shown on the following Weekly chart. A break and hold above that level could prove “interesting” for other world currencies (Euro, Canadian $, Swiss Franc, Japanese Yen, etc.)…(at the time of writing this post, the Canadian $ is -1.83 at 80.77).
The triple-bearish-on-gold-miners ETF, symbol DUST, has a rather interesting property of bouncing hard off the trendline I’ve shown below. If this is true, it would suggest miners are in for some weakness ahead. Don’t get me wrong – – I’m a precious metals booster! – – but I wanted to at least point out this interesting phenomenon.
Yesterday closed green but was nonetheless a significant technical fail for the bulls, as there was a very strong bottoming setup that needed the opening gap to hold, and it was filled within minutes with a strong rejection from the opening highs. Most of the subsequent dump was then retraced but it remains to be seen whether the bulls can recover back to that opening high at 2029.
If SPX can recover that far then the important resistance levels today are that high at 2029, falling wedge resistance at 2037, and main resistance is at the meeting of broken rising wedge support, the 50 DMA, and the daily middle band all in the 2045 area. SPX daily chart:
So I found myself staring at the E-Mini charts for quite a while this morning. Usually I am pretty snappy when it comes to sorting through the dos and duds of the day – on average I spent in between 2 to 5 seconds on a particular chart. If it doesn’t speak to me right away – meaning if my brain doesn’t pick up sufficient context within that time frame I simply discard it and move on. It’s a daily procedure that has served me pretty well over the years.