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.
Pre-Skank Tank
Well, I confess I had forgotten what it felt like to bank profits on a daily basis. It’s a nice feeling. Of course, the anti-Christ Yellen has done a fine job yanking away such feelings in times past, so naturally I’m nervous about Wednesday. All the same, these little BTFD rallies keep failing, which warms my heart.
The small caps are approaching support. Of course, my hope is that the trendline does, in fact, break. The FOMC will settle that matter, I think, one way or the other.
Mind The Gap
SPX broke support yesterday at the established floor at 2085, supported by the 38.2% fib retrace target and the daily middle band at the same level. SPX closed the day just above the test of double support at main rising channel and 50dma support in the 2076/7 area, and has gapped through that support at the open.
This is a potential breakaway gap through important support and what I’m watching closely here is whether that potential breakaway gap fills. If it does then this is just a break of the channel, which opens up lower targets but no more. If that gap doesn’t fill then it may well not fill until we have reached the obvious targets below, and we may then be reaching the ideal 1930 target area a lot faster than I was expecting. We’ll see how that goes today. If the gap does fill then the daily middle band at 2084/5 is now important daily closing resistance. SPX daily chart:
Back to Back………..to Back?
It took just two days (today and last Friday) to wipe clean 11 days of bullish “progress.” Indeed, today on a big television monitor there was some wildlife footage of some bear cubs playing, and I naturally was completely charmed by what I saw. I mused about the difference between real life bears and bulls. The bears are playful, intelligent, good-looking, and delightful to watch. Bulls, on the other hand, are huge, ogre-like creatures that push out – – what else? – – bullshit. I’m glad to be a bear.
In any case, I’m calling it a day, but I notice (with some nervousness) that the ES is banging right against the level I considered to be support. If we’re going to make any more progress, especially with the awful 2-day FOMC meeting commencing, we’ve got to break through this level with gusto.
From My January 9th Post
As awful as the attack in Orlando was, I don’t think it qualifies as the kind of “major” attack I was describing below. However, it’ll be VERY interesting to see what happens in the polls.
