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.

Retest of 2042 SPX Coming

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Well I was saying yesterday morning that SPX was back on my 5dma three Day Rule, and that rule is that after a daily closing break over the 5dma that follows a 2%+ decline, SPX must close the next two days over it as well, or the low before the break up will be retested before the high before the decline.

With the clear break back below the 5dma yesterday I was saying on twitter yesterday that the very likely next move was to retest the 2042 low, and with ES currently down hard from yesterday’s close, I’m thinking that retest may well be today. SPX daily 5dma chart:

151208 SPX Daily 5dma

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ES Long (by Retracement Levels)

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First of all, let us say we do not imply that going LONG at this juncture is a good idea: it’s not. (Editor’s Note: I certainly agree with that!)

As soon as the market reaches above ~2100 it will be OVERBOUGHT according to our DAILY, WEEKLY and also MONTHLY SHORT model, so you do not want to be a LONG holder at the top.

However, each time the market goes down (as it did yesterday), an occasion for a DAILY swing trade is created and these occasions sometimes can be VERY profitable. Our ES DAILY LONG model can help with that, providing some information that can take away the noise produced by looking at charts or checking the news (there is no information in there, just noise). For example today we are seeing this, for the current retracement down currently unfolding on the ESZ15 market:

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