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.
The market was a rather curious beast today, as the Russell 2000 reached its highest level in human history during the session. I well remember at the opening bell, some of the more persistently bullish Slopers were scurrying around, high-fiving each other about how this would be a “gap and go” day and how great it was they could simply buy the dip.
The market didn’t gap and go. It came and went.
To my eyes, the market remains utterly vulnerable to a sub-2000 drop on the ES, which would provide a marvelous scenario in which the mindless dip-buyers get butt-hurt on a pro tempore basis.
Friday’s price action has allowed DIA and SPY to breakout out of the overhead resistance it was facing the last two weeks. With this breakout, the two indicies have clear shots at their all-time highs. SPY is pretty much within this resistance area any further upside and those highs are tested. DIA has a little more room but there is little resistance till those highs. As long as SPY stays above 208.18 and DIA stays above 179.75, the bulls hold the edge.
Here’s today’s swing-trading watch-list:
Long Darling Ingredients (DAR)