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.

Testing the Daily Middle Band

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The tape was pretty uncertain yesterday and the flush at the close fixed 15min sell signals on RUT and NDX that had me very much wondering whether the rally had already topped out. Happily that wasn’t the case and both SPX and ES are now close to a test of the ideal rally target at the daily middle band, currently at 2072.5 on ES and 2079 on SPX. That doesn’t need to be tested exactly, the current AM high at 2075 at the time of writing would do just fine.

I would draw your attention to the possible IHS that has formed and broken up on the ES chart below. That’s still very much the lower probability option in my view, but it is very much still an option, and if the daily middle band fails to hold as resistance here then that would become the higher probability option, though the opening setup here strongly favors the bears in my view. ES Jun 60min chart:

160510 ES Jun 60min

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Precious Uptrend

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My canines allowed me to sleep in (which I’d prefer they do on a weekend than a weekday, since now I’m frantically behind). I’ll just toss one chart out there for now – – gold – – which (hopefully!) will respect its trendline that it established late last year. This week is pretty important for precious metals. Even if it breaks this line, I think it’ll be OK longer term, but it should would make things cleaner if we just kept the series of higher highs and higher lows cooking along.

0510-GLD