Originally published on TheTechTrader.com.
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.
Here’s today’s swing-trading watch-list:
Long Micron Technology (MU)
On January 29th, I did a post called Tiger by the Tail, which pointed out the topping pattern with Exxon Mobil. The stock, like all the energy sector, has stumbled and fumbled its way lower, although certainly not in a straight line. I suspect energy will continue to be weak for many months – maybe even years – to come. Just keep in mind the bulls are going to be fighting every step of the way (hence all those little tinted highlights shown below).
Yesterday saw a sharp decline into an early morning low that was given back in a grind up for the rest of the day. The low was an almost perfect test of the daily middle band, and that may well be it for the retracement I was expecting. If not though then of course I was saying yesterday morning that more might be needed to be done on forming short term topping patterns, and I’d note that five of my six optic run charts now have nice looking possible double-top patterns, and the sixth is right at resistance and was turning down there at the close last night. SPX has now formed a very nice looking falling channel from the last two highs and if that survives into the open, then overall this is a potentially bearish setup for today. SPX 60min chart: