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We are well into the eleventh year of Slope of Hope, and I think part of the appeal of the blog has been that I write from the heart. I’ve debated today whether I should write this post, but I’m just going to go with the same instinct that I’ve always had and write what I’m feeling.
Specifically, I am starting to wonder if I’ve completely lost interest in the markets. My life still revolves around U.S. equities, watching the charts during market hours and keeping an eye on the ES and NQ after hours, as well as FOREX. But, I’ve got to tell you, the past six years have transformed my disposition toward the markets from excitement to frustration to despair to disillusionment to sheer tedium.
I was talking yesterday morning about the negative divergence on the SPX 15min RSI and that has delivered a retracement. If rising wedge support breaks this morning then I have strong support at the 38.2% fib in the 2085 area, as that is very close to the 50 hour MA. I have alternate fib retracement targets in the 2078 and 2071 areas. SPX 15min chart: