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 Low Before The High

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SPX is doing the retrace I was looking at yesterday morning and I have a small double top target in the 2000 area, with possible support on the way in the 2003/4 area at the weekly pivot. Unless bears can convert the weekly pivot to resistance, and then break rising channel support in the 1990 area, then I’m expecting this retrace to be a final retrace before the move to the possible rally high, ideally under the 2035 SPX ceiling that I was talking about yesterday morning, but possibly just a retest of yesterday’s high at 2024.57 and marginal new high, before at least a strong retracement and very possibly a rally high. SPX 60min chart:

160315 SPX 60min Rising Channel

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Crude’s Fallen Arches

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Good morning, everyone,. I’m pleased to be back in Palo Alto and surrounded by my monitors again. I’m particularly delighted to see so much red on the screen, even though, based on last Friday’s knitting-needles-through-eyeballs insanity, I’m waiting for the proverbial other shoe to drop (or shall I say other shoe to float up in the air, because that’s about how much sense the Post-Draghi-WTF-Rally made).

Crude oil in particular has been getting fricasseed lately, and we are at a crucial juncture, which I’ve tinted. When crude first whooshed past this area on March 7, energy bulls were thrilled at the breakout. This breakout level must hold, however, otherwise we have – – yes, you guessed it — a failed bullish breakout, which sets us on the path to the low 30s.

0315-crude