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.
The Alcoa Analog (read about it here) was one of the cleanest trades I’ve suggested all year. It preceded a virtually uninterrupted plunge lower. I assumed that once it reached its long-term trendline, it would find support and gain strength. Nope – check out the chart below. The price fell well below the trendline, and, wouldn’t you know it, the trendline is now acting as resistance. It looks like Alcoa is going to remain quite ill.
I remember a trading bud describing the tape in the strong bear move in 2011 as angry badger tape. We’ve been seeing that again this week and I think we could see yesterday afternoon that the badgers are still angry. If you’re trading this intraday then you really might consider taking today off. If you are swing trading then watch the key levels carefully.
What are the key levels today? There is only one really important one today on SPX and that is the open gap from yesterday morning. That was retested and held in the wild move yesterday afternoon. As long as it holds and bulls make new highs today we should at least test 2000. If that support breaks then the bull case here falls apart and I would draw your attention to the nice looking double top setups on SPX, Dow, TRAN ……….. Scan 3x 15min SPX INDU TRAN charts: