This post was intended to show a bunch of index charts and divide them into “solid” (those with solidly bearish patterns, in spite of the absolutely ludicrous and brain-dead rally from February 11 through April 1) and “shaky’ patterns. It turns out that I’ve only got one ‘shaky” chart to offer, which is the Dow 30, since it violated its trendline and has been monkeying around that level for about a week now.
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.
Well, the Tuesday afternoon numbers came out, and I guess the market likes what it sees. Crude oil is strengthening markedly:
One of the less-watched indexes which is a favorite of mine is the Broker/Dealer index ($XBD in ProphetCharts). It can be a powerful harbinger of broad market moves. As you can see by the chart below, it is, as we professional technicians say, pooing all over itself, which probably explains why my portfolio has been doing better recently than in weeks past.
My Crazytown short trade from 2070 ES yesterday morning delivered nicely and ES broke below the weekly pivot at 2050.50 overnight. The key support levels on SPX this morning are the 50 hour MA at 2052, being tested at the open, and possible double top support at Friday’s low at 2043.98. If bears can convert the 50 hour MA at 2052 to resistance then that opens up lower targets. Today is a possible cycle trend day so it’s possible we could see a hard fail today from an AM high. SPX 60min chart: