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.
Holy Support!
Bearish Confirmation
Just a very quick post this morning as I needed to take my daughter to the orthodontist and only got back a few minutes ago.
A rare day yesterday with a strong decline sustained into the close, rare in itself but very rare on FOMC day. The wind may be changing. The bulls had to break back up over the middle band and totally failed to do that.
This break back below the SPX daily middle band delivers two downside targets. The first is possible range support in the 1990 area, with the daily lower band just below it at 1987. If that fails then the obvious next target is the 50% fib retracement of the move up from 1820,l and that is at 1957. SPX daily chart:
E-Mini S&P500 Analysis
Chart Analysis
Yesterday the market closed sharply down. In the ESH15 chart below we are showing the OVERSOLD situation, based on our models, on three different time periods: DAILY, WEEKLY and MONTHLY. The values in the gauges at the bottom of the chart represent how much the market is oversold at the price level indicated under the “BUY” arrow, for each time period analyzed.
How to read this? Pretty simple: (more…)
