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.

Support at the 50 Hour MA

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SPX didn’t make it to my minimum retracement target at 2080 as it made a perfect touch of the 50 hour MA and reversed hard there. That does tend to be solid support in uptrends until they are into the topping process and, as I was saying on Friday morning, this uptrend doesn’t look finished yet.

I am considering the possibility that a rising wedge from the October low is still forming and have drawn in that possible rising wedge support trendline in blue dotted line on the chart below. If that is the case then there is a very obvious target in the 2120-5 area at the intersection of the original wedge support trendline and the wedge resistance trendline. That is the first area of resistance that I am watching. SPX 60min chart:

150223 SPX 60min Trendlines BBs MAs

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E-mini S&P500 SHORT – Update

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Last week we highlighted the fact that the market is reaching VERY OVERBOUGHT levels on DAILY and WEEKLY time periods (not yet MONTHLY though, which means higher prices are possible after the upcoming DAILY+WEEKLY pullback).

Last week had a strong positive Close, but nothing happened from the point of view of our suggested SHORT trade, it’s still there, as you can see from this chart below, the market is really OVERBOUGHT at these levels:

index-short

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