Here’s today’s swing-trading watch-list:
Short VeriSign (VRSN)
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.
Lower Band Ride – Day 3
A strong day for the bears yesterday and SPX has reached another inflection point. A clear falling wedge has developed from the triangle break and that’s a 70% bullish pattern that broke up slightly before the final decline yesterday afternoon.
If that falling wedge breaks up today then I’d expect at minimum a retest of the 2095-7 area, and on a conviction break back above 2100 then perhaps a retest of the highs. if this wedge now breaks down, and we should always remember that a 70% bullish pattern will break down 30% of the time, then the target would be in the 2040 area, essentially a test of main double top support there. SPX 15min chart:
ES Long Signal
If you have been following our advice on May 15, 2015, you may have made some good profits on the latest correction (see chart below).
Here is what we wrote on SOH, that date:
Now a good, new going-SHORT opportunity is coming up in these days […]. The ESM15 has almost reached a DAILY area where the odds to go SHORT are quite good: 2127.25, 63.82% overbought. WEEKLY and MONTHLY time periods are not supporting the trade, meaning that this is probably only a quick swing trading opportunity, however things may change if/when the market reaches the ~2140 price area. From there also the WEEKLY and MONTHLY overbought gauges will go above 50% in value and thus create a better-than-a-coin flip edge for the SHORT trader. (more…)
