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.

Three Charts

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Well, today sucked out loud for the bears. Lifetime highs on the NASDAQ as well as the Russell 2000, all in the midst of the Greek nonsense which is persistently at the cusp of blowing up, but never does. One wonders what the market would do if an honest-to-God deal actually was announced, as opposed to simply rumor after rumor after rumor.

In spite of this, there are still a lot of interesting charts from a technical analysis basis. I thought I’d share three.

The first is $TNX, which is the 10-year note interest rate. This one has been fascinating, because it was suppressed by its resistance trendline (shown below in blue) for many, many months until it broke out on June 3rd. Today is did precisely what it was supposed to do: fall, but not break beneath, the exact same trendline, confirming the line’s new role as support instead of resistance. Assuming this line continues to hold, I think an interest rate rally is in the cards.



Retracement Levels FTW

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One of the nice things about Slope is that we have a variety of contributors, so you aren’t subjected to my Johnny One-Note ramblings all the time. An old timer here is 2sweeties, more professionally known as Retracement Levels. He’s been with Slope almost from the beginning.

On June 9th, he did a post to go long the market, and I’ve got to say, he totally nailed it (indicated below with the green arrow). Even better, this was a follow-up to his “short the market” idea, marked with the red arrow. The “short” idea missed the top by a little, but who cares – – it was awfully close. Suffice it to say I’m glad there are other voices here on Slope to give the place some balance!


A Little Spot Of Greece

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The bulls won FOMC on points yesterday, with a break back over the 5DMA, a test of the daily middle band, and a close on the 50 day EMA. Today they need to hold the 5 DMA (currently 2096) on a closing basis, with important support at the 50 hour MA just below at 2094.5. Above bulls need to break over the 50 DMA at 2104 and deliver a close more than a couple of handles over the daily middle band at 2106. If they can do that, then they can have a shot at retesting the all time high. SPX daily 5DMA chart:

150617-C SPX Daily 5DMA Breaks