Slope of Hope Blog Posts

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Nowhere To Run To

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The bulls put in a very strong day yesterday and that has most likely put SPX on the 25% highs retest path, though the market has been so whippy lately that I’d like to see that SPX holds 2110-8 this morning to be sure. On the stats I gave last Friday one of these made a marginal new high that was the second high of a double top, and the other continued the previous uptrend. .

In truth these are almost a single option here, if only because resistance on the rising channel from the 2012 lows is now in the 2190-220 range, so unless that resistance could be broken, which historically is most unlikely, then headroom here is too limited to continue an uptrend for long.