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.
I may live to regret this, but I’ve started augmenting my long (yes, long) positions in precious metals with long (yes, long – I already said that!) energy positions. A big reason for this is the belief that crude will bounce at these levels instead of breaking its mid-March low.
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.
Last week, I made the mistake of buying a sandwich at Starbucks. I was pretty hungry, I happened to be near a Starbucks, and the photograph of their new product looked tantalizing. Let’s just say reality didn’t match promise.
And that, in a nutshell, is what the people of China are experiencing at this very moment. Because their corrupt, venal government has sold them a bill of goods in the form of a (formerly) booming equities market, and the freshly-minted “traders” are finally getting a good look at the bag they’re holding, and they feel just like I did: disappointed.
The following 1-Year Daily chart of 30-Year U.S. Bonds ($USB) shows that a bearish moving average Death Cross has recently formed — warning that lower prices may be in store. However, the rising RSI indicates building strength from May through July.
