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.
Iconix Group (symbol ICON) is a stock I mentioned so many times as a short idea, I stopped even saying anything since it got so repetitive. Today is finally went into a full-blown free-fall, as the clean topping pattern so plainly suggested. I can only hope the dozens of other fantastic short setups succumb to reality just like ICON did today:
SPX fell hard on Friday, made the smaller double top target and broke down from the larger double top. Shortly after the LOD SPX broke up from a falling wedge that I called on twitter, and closed the day at a retest of broken larger double bottom support. The retracement low may be in, and if we are to see a fail without another test of triangle resistance in the 2011 area then I’ll be looking for resistance at the 50% and 61.8% retracements on the falling wedge, in the 2092 and 2096.5 areas respectively. The 50 hour MA closed Friday at 2096 and is key resistance today. SPX 15min chart:
It’s Sunday evening as I’m typing this, but I wanted to let you know that I’ll be pretty much out of pocket on Monday, as I’m still on the road. Things will return to normal (such as it is) Tuesday morning. As always, guest posts are welcome.
The one comment I’ll make right now is one of relief: the ES (as of this writing, obviously) is up 7 points, which isn’t that terribly considering the latest weekend “central bank shock to help the bulls” (this time, from China) is yielding a relatively muted response. It also makes abundant sense that we’re getting a bounce since, as I alluded to on the video, we were badly oversold on Friday’s wild session.
