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.

Oil Traverses to Channel Bottom

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Crude Oil is down another 2% today, after spiraling down nearly 4% yesterday in reaction to a much greater than expected build in Weekly Inventories.

Let’s notice that the weakness off of Tuesday’s recovery-rally high at $41.90– against the upper-channel boundary line– has traversed the entire width of the channel, as the price structure probes the lower-channel boundary in the vicinity of $38.50, where the weakness should be contained, ahead of renewed buying interest.

That said, my intermediate-term work also has rolled over, and suggests strongly that any bounce off of the lower-channel boundary line will be short lived ahead of downside continuation towards $36-$34.

full-dkdI2MEwwgAYWtWxfmv5GOriginally published on MPTrader.com

The Hard Spike Down

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I was saying a couple of days ago that topping processes tend to start with a hard spike down and well, here we are. SPX and ES broke their rising wedges yesterday and then spent most of the day testing the strong support in the 2035 area that I mentioned in the morning. That has broken overnight and as long as that holds as resistance today, that opens up the downside towards the obvious targets at the big support levels and possible H&S necklines in the 2005 and 1970 areas. SPX 60min chart:

160323 SPX 60min

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Some Erosion, At Last

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How heartening it is to see a double-digit red number on the ES after having received one the day prior. The pendulum is, I believe, slowly beginning to swing the other way. With the world’s central bankers in STFU mode for a while, since they had their several weeks of mayhem earlier in March, we bears finally have a reach chance to take overvalued helium balloons like TSLA behind the woodshed for a pin-pushing party.

0324-es