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.

An Inflection Area

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Decent rally on Friday that has failed so far either to make a higher high or to break over the 50 hour MA on SPX, so unless that changes I’d expect the rally to be reversed in the near future, and that may well happen. There is a possible alternate scenario here where SPX might be forming the H&S on a larger and flatter H&S pattern, and if so the ideal high would be a bit higher in the 2075 area. That would be very close to the 61.8% fib retracement of the decline from the highs so far and is obviously still potentially in play. Stan’s bull/bear line is the 2039 ES area (approx 2043/4 SPX) so I’ll be watching that area for possible support this morning.

The short term pattern on SPX is a decent falling channel and channel resistance hasn’t been tested yet. A lower high under Friday’s high could deliver that this morning and we may well see that. SPX 60min chart:

160521 SPX 60min

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Shorting Mediocre Food

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Some of you might remember I’m already short Brinker International, the corporation the runs the Chili’s restaurant outfit (home of superbly microwaved prepackaged fare). This massive topping pattern isn’t done yet, but it’s looking better all the day, so I just increased my position. What’s the measured move target price? I’m almost embarrassed to say, but it’s $22.65.

0523-BW

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