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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.
Market-Be-Gone
My fellow bloggers are seeing the same thing I’m seeing: people are just leaving the market in droves. Why? Simple. Because hardly anyone can make money consistently in this beast. Just look at the recent activity. Neither bulls nor bears are winning. If you win one day, you lose the next, and vice versa.
I guess I’m semi-grateful that at least OPEX week wasn’t the bullish fiesta that I feared. But as I stand here right now, I’m outlining my first screenplay, because the boredom and insanity of this market action is really starting to get to me, and I need a creative, positive outlet. For once, I’m actually looking forward to the weekend. This market, once again, sucks.
Support and Resistance on Opex Friday
Nice call from Stan on his Wednesday night video when he gave 2024 ES as the support to watch on ES yesterday and, if support was found there, then a likely rally to either the 2041/2 area or a retest of the weekly pivot in the 2053.8 area. I was hoping that ES would just trend down through that support but it was not to be, and ES is currently testing the ES weekly pivot area.
On SPX yesterday was the second day of a possible lower band ride. If that is to continue then the overnight rally needs to be reversed and the daily lower band, currently at 2033 SPX, need to be hit at some point today. Support is there and at the 200dma at 2011. Resistance is at the 5dma at 2050, the 50 hour MA at 2056, the 50dma at 2060 and the daily middle band at 2065. SPX daily chart:
Don’t Fear the Reaper
Yeah, yeah, a big surge. I know. But do you notice a trend here, longer-term, perhaps?
Beat ‘Em Back
Many of you are aware my friend Northy’s OPEX chart, which shows that, almost without exception, options expiration weeks are screamingly bullish for stocks. I was quite torn about this a week ago, because I was loaded to the gills with shorts, and I loved the setups, but the chart he shared basically set “get out and be safe.”
I decided to do neither, and with the week nearly over, it seems that it worked out OK. Perhaps this week was one of those exceptions, and for that I am grateful. In particular, I continue to be totally obsessed with what oil is doing. When I hit the sack last night, crude was up over a full percentage point, and it was appearing worrisome. As it is now, hope is blossoming again:
