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.
SPX made a higher high yesterday but still hasn’t yet made my upside target at wedge resistance. My working assumption is that will be hit today or tomorrow. Important support is at the 50 hour MA at 2103/4. We may see a spike down before the high is made to set up the reversal pattern. If so I’d be looking for decent support in the 2100 area. SPX 60min chart:
First off, I don’t know about you, but for me, the quantity of “good news from aboard” emails (e.g. dying or otherwise in-peril individuals who want to send me 40% of their fortune) has soared in the past few weeks. I’ve received eight in just the past few minutes. Does anyone on the planet actually go for this sort of scam? Incredible.
More importantly (and more relevant), I’m pleased to see crude falling this morning. Crude inexplicably soared yesterday after getting a report showing that inventory was more bloated than ever. Such a report initially sent crude plunging (which makes sense) then soaring (which makes none). My trendine held, however, and oil seems to have been effectively repelled by our resistance line.