Simply stated, this is how I view the S&P (specifically, the ES) for the past seven months: stuck in a gently ascending channel. Our present position, I believe, makes it more likely we push lower (by as much as 55 points) than higher. Recent history certainly suggests this as the next step, and roaring interest rates play into that narrative quite well.
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 Total Flop of 3D Printing
I’m a technologist, and I always thought 3D printing was just about the dumbest thing ever. Not as dumb as the Apple Watch, which will be a complete embarrassment in the end, but still pretty damned stupid. The public is finally catching on to this heresy.
Swing Trading Watch-List: FMER, RIO, TIF, DFS, LVS
Here’s today’s swing-trading watch-list:
Long FirstMerit (FMER)
Two Charts to Watch
A strong move in KRFT on Friday is initial confirmation of a completed wave 4. On a micro level, however, no 5-up has emerged so far. KRFT needs to stage a 5-up of proportions that, at the very least, reach wave circle-b top at 89.00 to make it likely that all of 4 has completed. Should such a bullish development be seen, I will look to add to this trade on a pullback, as, big picture, I very much like this pattern.
Lost In Space
I think I now have the pattern for this wildly choppy action over the last few days, and it’s a falling megaphone that looks likely to break up soon, though we may well see a decent retracement before any test of the all time high. SPX 60min chart: