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 Last Chicken in the Store

By -

My house is a house of disease this week. My wife caught a virus, then my daughter, and I wasn’t feeling great yesterday though I was hoping that I was just tired. Today however there is no doubt that I have this virus too, and I’m feeling like a million (zimbabwean) dollars. I’ll be fine in a day or two but in the meantime I’m just struggling through.

SPX had a solid day yesterday and confirmed the break over the daily middle band. That’s now in the 1961 area and should be support. Ascending triangle resistance also broke on both SPX and Dow near the close. Does this mean that the bulls are good to go? Possibly, though as a buy setup this is still very unappealing, as you can see on the charts below.

(more…)

FOMC: Crystal Ball Time

By -

By Biiwii

Let me gaze into my crystal ball, with the confidence of a genuine guru* and the vision of a mystical Swami. Sifting through my notes about leading indicators, low unemployment, but also cratering public confidence, I see… (not that you should give a damn what one faulty little participant sees)… but bear with me now as I render the great forecast…

I see the Federal Reserve folding again today, perhaps with some stern words imploring us to stay vigilant for a rate hike coming before year end. In this scenario another small chink in the armor of impenetrable post-2011 confidence in these clowns would be had.

clowncar, brought to you by FOMC

(more…)

Liftoff

By -

Well, I should have known it couldn’t last. The market was just way, way too fun to trade through July and August. That all stopped after August 21. That may sound odd, since the “crash” (long since forgotten) was on August 24, but the 21st is when things stopped being crystal clear and easy-to-short. It’s been a struggle since then.

Most recently, breakouts have started taking place on various asset classes. The ES sneaked above its resistance level today, and now it’s in the clear for an easy lift to 2020, 2050, or beyond.

0917-ES

(more…)

Next Wave is Up in GBP/USD

By -

So far, GBP/USD has rallied into the 61.8 extension off of our potential wave (i) up for a possible (i)-(ii) i. We are now looking for a wave ii retrace into the 1.5451 – 1.5405 level for a potential entry of a short term long position for wave iii of (iii) up. Initial targets for wave iii com in around the 1.5706 – 1.5751 with targets of wave (iii) at the 1.5823 – 1.5939 zone. Invalidation of this setup comes in with a break under the 1.5294 level.

full-65ff037ed498d2ef3205abcbc4b7e5507b8f5071Originally published on ElliottWaveTrader.net, by Mike Golembesky.