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.

Rubber Meets Road

By -

It’s been an interesting and rather spiky journey forming the right shoulder on the SPX H&S that I called as possibility a couple of weeks ago now, but that right shoulder is now fully formed and was testing the neckline at the lows yesterday. On a sustained break below that neckline the H&S target would be in the 1965 area, and for a number of reasons that is a very attractive target and possible low area for this decline from the latest swing high.

There was a lot of positive divergence on the 15min charts at the close last night and we are seeing a rally this morning. The big resistance levels on SPX that I’m watching here in the event that the rally heads higher are the 50 hour MA at 2063, and the daily middle band at 2070. SPX 60min chart:

160518 SPX 60min HS Fully Formed

(more…)

Do We Finally Stop Othello?

By -

The ridiculous up/down/up/down/up/down we’ve been living with in this market for, what, the past 18 months or so – – could it end today? (OK, I’m being facetious; the toggling has only been going a couple of weeks, but it’s absolutely maddening). Looking at the nice bright red numbers on my screen, I suppose it’s possible, but I’ll only believe it when I see it.

A big event would be if the ES can manage to crack 2030.

0518-es

(more…)