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 Moment of Truth

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After the close yesterday I had a very careful look at the declining resistance trendline from 2132 using very thin trendlines. The high yesterday tested that trendline twice, and the obvious rally target has therefore been hit. Looking at NDX and RUT there are quality trendline highs on all three indices, with a daily RSI 5 sell signal now fixed on RUT, and close to an RSI5_NYMO sell signal on SPX. If this has just been a rally, which seems very likely, the top should now be in. Even in the event that this hasn’t been a rally the short term high should now be in, though in the latter case the resistance trendlines established yesterday would obviously be less strong.

SPX has tested declining resistance from 2132 and reversed there so far. There is no clear overall pattern on SPX but that trendline is one half of the overall pattern that should become apparent later. SPX daily chart:

151021 SPX Daily

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Mario World

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Well, the powerful jawbone of Mario Draghi is in full swing this morning, and the Euro is getting firebombed (which was kind of the intention). What puzzled me is how little the ES and NQ seemed to care. It wasn’t that long ago that a plunge in the EUR/USD would have sent the equities markets skyrocketing. They’re up, to be sure, but not much more than they were all through the night. It’ll be interesting to see, at the end of the day, how much of a difference Mario made here in the U.S.

1022-euro