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.
Signifying Nothing?
The greek vote was convincingly won by Syriza last night and they are forming a coalition government with a mandate to try to renegotiate the terms of their debt relief package while remaining within the Euro. The news sent ES down hard but that decline has melted away overnight. Was that decline significant?
Looking at the ES chart it’s hard to see that the overnight action was obviously bearish. The rising wedge from the low last week broke down and retraced 38.2%, which is routine in an ongoing uptrend, and the low retested broken falling wedge resistance, which leans bullish. we might see something more bearish happen today, but as it is this chart looks like a long opportunity rather than a short opportunity. ES 60min chart:
