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.
It’s been an amazing week, and in effect the first five days after the Brexit vote were all trend days, with ES now kicking around much the same area this afternoon as it was on the afternoon before the vote. What does this all mean? Not much I suspect. The journey to 1991 wasn’t the herald of the bear apocalypse that some were expecting, and I strongly suspect that the journey back isn’t the herald of the bull rapture that some are now expecting. We’ll see how it looks after we see some two way trading return after the long weekend.
SPX broke back up over the daily middle band yesterday and NDX and RUT look likely to do the same today. That opens up targets a bit higher and I’ve had a close look at the pattern setups on all three on the daily chart.
Here’s your swing-trading watch-list:
Long Nike (NKE)
Just as an aside………I find it oddly comforting that, after being wild-eyed bears from 2009 through 2015, that Elliott Wave is now firmly on the bullish/new lifetime highs camp. It’s bizarre. I just thumbed through their latest forecast, and it’s more bullish than you’d expect from the likes of Jim Cramer.
Each candle on the SPX chart below represents 1/4 of one year.
Further to my post of June 27th, and, as shown on the following updated 20-Year Quarterly chart of the SPX, the 2016 Q2 candle closed today at a higher level than — on what was a previously potential bearish hanging man — the Q1 candle. This bearish reversal warning was not confirmed.
Instead, what we’re left with, at the moment, is a wide-range high-base consolidation for the past 6 quarters, with price now near all-time highs.