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.
Dear SoH, I know this is somewhat Gary-specific, or Gary-indulgent, but I like to hammer everybody over the head in none-too-subtle ways now and then…
It must be a gold bull market because…
- Gold analysts (code for gold obsessives; analysts cover asset markets, including gold), who for years pumped people to be bullish despite an obvious bear market, are now taken seriously again as they issue the same dogma.
- A Technical Analyst months ago advised “30,000 coffins” would be needed for gold bugs and has since gone quiet while another is bearish, no bullish, no bearish again, no bullish again. Charts are only one component of gold market management, but the TA’s are again enthralling the gold community with lines and squiggles.
- Yet another gold bug TA somehow manages to tie in cycles and God for a bullish view of gold and silver and a 2016 crash for world markets. There’s a niche for everything, I guess.
- The major media as well is in obsession mode, as we find out about bullish calls on gold by people smarter than we are, like Soros, Gundlach and Druckenmiller.
- And to balance it all out, there is a man and his computer advising that gold has not yet seen its cycle lows.
I can hardly believe it, but the wedge is finally broken. Thank the Lawd!
You’re welcome. Joe! And I hope you bought a ton of Twitter.
I was talking yesterday morning about the fragility of the uptrend and mentioned that the support trendline on RUT broke yesterday at the RTH open. The SPX rising support then broke as well but ES rising support held yesterday. Overnight though that has failed as well and all of ES, NQ and TF have now broken down from clear topping patterns. I’ve given those prices on the charts below and I’m expecting all of those pattern targets to be reached, though not necessarily today.
I’m posting all of the bonus charts that I posted for subscribers at theartofchart.net this morning. These are the ones that I posted every trading day there and they are ES, NQ, TF, DX, CL, GC and ZB, with additional charts for NG and SB posted on Monday mornings. If this service is of possible interest I’d suggest that you compare today’s charts with the ones I posted last Friday and you can find those here. I suspect that you’ll be impressed. If you aren’t impressed then you should be. If you want to see these every morning these are bundled in the Daily Video service and you should sign up for that sooner rather than later, as the price for that will be rising sharply at the end of June, and that price increase will not be applied to anyone who subscribes before then, as long as they maintain a continuous subscription. You can sign up for that here.