Slope of Hope Blog Posts
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My near-term pattern and momentum work on Apple (AAPL) indicate that all of the action off of the March 19 high at 129.25 into last Friday’s low at 125.88 is a completed minor correction, within a still incomplete upleg off of the March 12 low at 121.63.
If accurate, that means AAPL should be nearing upside acceleration that hurdles 129.25 towards a retest of its all-time high at 133.66 (to 135.00) in the upcoming hours.
Article & chart by Mike Paulenoff, MPTrader.com.
I shorted the mid-caps yesterday, based on this trendline. So far, so good…….
This market just does not seem to want to break. A few stocks, here and there, are inching downward on a more consistent basis. Here’s a favorite:
Apologies for the very late post today. I had an appointment that overran badly & missed the open. That was annoying as I was short from the globex highs and missed the very well signalled low, but that’s the way it goes.
Was that the low for this retracement? Well it made the little double top target left over from yesterday, but fell well short of hitting rising channel support. That looks like unfinished business unless we see a strong break back up, and if that support is going to be hit on this retracement, then the ideal fib time/place hits would be the 2088 area at lunchtime today or the 2094 area tomorrow morning. If SPX breaks back up hard then this rising channel has evolved into a rising wedge and the next upside target is the same pattern resistance trendline, currently in the 2125-30 area, so already in the right target area to make the IHS target there. SPX 5min chart:
Well, I’m not sure where Jack is, so I’ll put in a comment cleaner (although it isn’t total junk; this is actually a decent idea): I’ve been waiting for precious metals to close up their gaps. Gold has come close enough for me to take action, so I shorted GLD a little earlier this morning, and I’ve put 114.85 in place as my stop-loss price.