Slope of Hope Blog Posts
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I’m in total agreement that grease monkeys need not get excited unless they rip apart 5430s. However, this week marks the first in many weeks that WTI has rotated right back to where it all started – the Weekly Opening Range (WOR) that was set Sunday night:
Experts are saying oil will head to $200 or $20 – pick a side. Meanwhile, it’s been a nice bullish week and we’ll change our minds if they start breaking down weekly opening ranges again.
There’s no point in having a bias, only order flow 😉
Here’s today’s swing-trading watch-list:
Long Microsoft (MSFT)
I’m felling better than I did yesterday. I should be fully recovered by Monday I think and normal service will resume.
SPX has made visual (near miss) hits of the daily upper band yesterday and today. SPX has also made a new all time high today and is at the first major resistance area to look for a possible hard fail. If there is a serious break up here then we would move up to the next big level of resistance. SPX daily chart:
The rally in crude oil has been impressive, but context is important. Let’s take a look at the past month on an hourly bar basis:
As you can see, crude has had three rallies this month, and the peaks (circled in red) have been a little lower each time. I would suggest that this time is no different, and unless we bolt above $54.33, this is probably just another countertrend rally in the context of an ongoing bear market in energy.
I haven’t dug into comments to investigate, but I gather our man Springheel Jack is under the weather. To give me a chance to pull together some charts, I’ll just toss out this puzzling little tweet that just hit my feed; the text of the tweet contrasted with the message on the shirt is, errrr, unfortunate.