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.

Full of Sound and Fury

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I was saying intraday yesterday that if the bulls were going to take back control of the tape here, then they needed to break back over the daily middle band, currently at 2072, and then hold it as support on a decent retest. In the absence of that no serious technical damage was being done and there was little reason to expect yesterday’s rally to be the start of something bigger.

The situation for bulls here didn’t improve overnight, with marginal higher highs and fails from those on ES, NQ and TF that have resulted in 60min sell signals fixing on all three charts. The ES monthly pivot at 2063.80 (2068 SPX area) wasn’t successfully converted to resistance on this rally and the weekly pivot at 2054.10 (2058 SPX area) is now being retested as support. If that is reconverted to resistance then all of the significant bull technical gains from yesterday will have been reversed.

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You’re Inferno’s Dante

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Normally I’d be happy to see the ES down 4 points (which, these days, is enough to get excited about), but in this ridiculous up/down/up/down toggle-rific market we’re in, all it means is that maybe we’ll be red today but we’ll sure-as-hell be green tomorrow. The endless Othello game continues! The red line I’ve drawn is what remains key intermediate-term: that is, support on the ES at 2030.50. If we can break that, we can actually move this stinking market a little lower.

0517-es

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