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.
Whiplash Week?
Bears delivered the retracement that was likely yesterday, but it was more of a being doorstepped by a couple of polite Jehovah’s Witnesses retrace rather than the bloody revolution that the bears were hoping for.
Was enough damage done to suggest that my possible 2070 retest is still on the table? There was some damage, with SPX closing the day clearly below the 5dma and the 50 hour MA. The close exactly on the daily middle band was bullish, though a pinocchio through it to test support that was recovered by the end of tomorrow would be fine here. It’s very much a maybe, though it has been bolstered by the monthly pivot on ES for December coming in at 2064.80. SPX daily chart:
Watch the Forty
Crude Oil has been the weakest asset out of any in the world for 2015, and that weakness seems to be continuing. I’m watching the $40 level on the front month, since that represents the low for the year, and we’ve got a pretty bearish pattern above it. This evening and tomorrow morning are the regular weekly reports on crude inventory, and that might just do the trick.
