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.
I confess that I am intrigued by DUST, the triple-bearish-on-miners ETF. It is banging against its trendline which, in the past, has been a very reliable bottom. Looking at GDX itself, it doesn’t seem slam-dunk bearish, so I’m actually not going to buy DUST. But I at least wanted to share this chart, since it seems like an interesting speculative play.
A break & hold below 1270/60 on Gold could send it tumbling (quite hard this time) to 1150 or lower (ultimately 1000).
1314 is the near-term resistance level to overcome before running into major resistance at 1550, in my opinion, (based on my analysis of price, Fibonacci, channel, and volume profile data), as shown on the 5-Year Weekly chart below.
I’ve been having a few technical problems this morning with my main computer, and currently have no ability to edit charts at Stockcharts and browser access only to my main broken. I should have these issues fixed later but for now I’ll be using charts I did yesterday and a futures chart for CL.
There are clear bull & bear scenarios here and I’m leaning strongly towards the bear scenario, but with the strong awareness also that there is a huge wild card today in the shape of the Fed at 2pm, so I’m keeping an open mind.
The bull scenario is on the SPX daily chart that I posted on twitter yesterday afternoon, and that is showing that the low yesterday was a decent retest of broken falling wedge resistance from the all time high. If that low holds we would now see a break over range resistance at 2064 and at least a test of the all time high. SPX daily chart: