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.

Snake Oil Sales

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The best thing about weekly scheduled “news” events is that they can offer volatility and entertainment.  The worst thing is that unsuspecting retailers regarding them as actual “news” and don’t recognize news events and scheduled releases for the scams that they truly are.

This week’s exhibit in the you-can’t-make-this-stuff-up category is none other than light, sweet, and lately crude West Texas Intermediate.

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Bottom Lines

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A bad day for the bulls yesterday with 2080 support lost hard twice during the day and a close well under triangle support. Advantage bears for the moment, and they could get a run down to test range and double top support at 2044.

I’ve been having a careful look at the SPX pattern structure and I have a possible falling wedge from 2132 forming here. This is mirrored by a triangle on the RSI 14 and if we see an hourly close below that this morning then that would open up a test of wedge support, currently in the 2046 area, just above the key 2044 support level. SPX 60min chart:

150820 SPX 60min Falling Wedge

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