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.

Candidate High – Need Some Support Breaks

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Using the charts I did for chart service subscribers at theartofchart.net last night.

SPX didn’t quite make my 2114-16 target area yesterday, but it reached 2111, and the pullback in the last hour was sharp enough to fix an SPX 60min sell signal. Having had a look across the indices I’m logging this as a candidate high and what would be required next are some significant support breaks.

The first support break I was looking at on the SPX chart last night is a small one but we’ve already seen that break at the open today, and that is the break of rising wedge support on the little rising wedge from last week’s low at 2040. SPX 60min chart:

160420 SPX 60min

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The Day I Gave Up Forever

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It has been ten weeks since the market bottomed on February 11th. To me, it feels like ten years. It’s been a grueling, awful grind, but it didn’t get really beyond-belief miserable until March 17th, when Yellen went uber-dovish and patterns and trendlines started getting smashed like turkeys being thrown from helicopters.

As I sit here now, the last decent down day we had was back on April 7th, and otherwise the market is just grinding higher and higher, in many cases making highs never seen before in human history. I really thought we were done with all this; that, as I put it, “the wind was at our backs.” Well, the central banks learned their lesson in 2008, and they’re not just going to roll over and let market forces take control. No way, no how.

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