Here’s today’s swing-trading watch-list:
Long Hain Celestial Group (HAIN)
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.
Gravity Still An Issue Here
I was really wondering on Wednesday whether the normal rules for patterns and retracements had been temporarily suspended for this move, but yesterday’s rising wedges broke down and we are seeing retracements now. The minimum target for this move on SPX should be the 23.6% fib retrace at 1902 (tested at the open) and I would normally expect SPX to at least test the 38.2% fib retrace area around 1885. I’m doubtful about SPX getting lower than 1885 but it is a cycle trend day today so in the event that we trend down the other fib retrace targets are in the 1870 and 1856 areas. SPX 15min chart:
Retrospectively Obvious
I never want to tempt the trading gods with hubris, but sheesh, that seemed a little too obvious, didn’t it? On Wednesday, when Slope was littered with individuals calling for the ES to go – – and I quote – – “straight up” from its already lofty heights, I took a look at the simple chart imaginable (the ES itself) and observed the following trendline:
Of course, those last two bars weren’t there yet, but I took some small comfort (which I needed badly) in seeing that we were approaching what appeared to be another lower high, and that a reversal was at hand. Mercifully, so far, that’s precisely what has happened, with crude oil extending its slippery hand to help.
