Slope of Hope Blog Posts
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Generally speaking after a trend day on Friday we would be looking for some consolidation / retracement today. ES was weak overnight and is gapping under Friday’s low. The immediate target area is 2072 (H&S target) to 2060 (falling wedge target) and I am expecting both of those targets to be made early this week, though the lower target may not be hit today. I have strong positive divergence on the 15min chart and a buy signal on the 5min chart. SPX 5min chart:
I was talking on Friday morning about the possibility that a hard down day on Friday might deliver a candle that reversed the previous week’s bullish break over the middle band. That reversal candle fixed at Friday’s close and that opens up a touch of the weekly lower band at 2054 as a high probability target for this week as well. We could see a lower band ride down if SPX can break strong range support at 2039. If so the double top target would be 1954. SPX weekly chart:
I’m looking for a buyable dip in the first 90 minutes today into a decent bounce, then most likely lower.