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.

Topping Is A Process

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I was saying on Thursday morning that predicting the direction on a cycle trend day was a very chancy business and so it was on Thursday. Despite tiny up volume at the open on Thursday the low of the day was in the first few minutes, and while it wasn’t a trend up day, buyers dominated the tape until the close. Thursday was an excellent example of a cycle trend day that wasn’t a full trend day in all respects, very much including the unexpected direction.

Moving onto today, the first thing that I would note from the SPX 60min chart is that the very important 50 hour MA was gapped through on Friday and was retested as resistance at the open today. That’s in the 2040 area now and a decent break back over that would open a retest of the current rally high at 2056.60. That would most likely make the second high of a double top though it might go a little higher in that event of course. If the 50 hour MA holds as resistance today, then on a break below Thursday’s low I would have an H&S target in the 1990 area, and would be watching the possible larger H&S necklines in the 2005 and 1970 areas. SPX 60min chart: (more…)

Final Week of Q1

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Good morning, everyone. I hope you had a pleasant long weekend.

There’s absolutely nothing on the calendar today, although there are a few morsels in this, the final week of the very weird Q1 2016. Yellen is speaking tomorrow (always a dicey prospect), and there are a couple of big Chinese data points on Thursday. The “biggie”, of course, is the monthly jobs report, which will probably show the nation marching toward 0% unemployment as the formerly idle hands of the country find themselves cheerfully flipping burgers or serving low-grade semi-digestibles at the likes of the Golden Corral. Good luck out there, Slopers.

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