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.
Today’s upside reversal action comes on the heels of a bearish Inventory Report, and from a new low in the vicinity of important, intermediate-term support at $38.90, which represents the 50% retracement level of the entire Feb- Aug advance.
In addition, buying interest emerged at the lower-boundary zone of the June-July down-sloping corrective price channel, classic action into downside channel exhaustion.
Of course, Oil must preserve today’s gains, and follow-through to the upside to confirm a significant turn.
The action so far today is very promising technically– and provides preliminary evidence that Oil has completed the correction of its initial, intermediate-term recovery period.
It’s been a while since we’ve had a good ol’ fashioned Slope Contest. What better event than the upcoming presidential election in just under 100 days. (Tuesday November 8th in case you were wondering).
So, the rules are simple… you must post your guess on this post. It must be timestamped no later than Friday August 5th. You may not edit your comment after August 5th since we won’t be able to tell what you edited even if it was just to fix a typo.
No added commentary! This is not meant to open up a discussion/debate/pissing match, it’s only to have a little fun.
A couple of weeks back, I stooped to mentioned ETSY (of all things) as a good stock to buy. Yes, that’s what the past seven years have done to me. The funny thing is, it’s worked out pretty well…….
Range support was broken on SPX yesterday but the main task for bears was to deliver a close below the daily middle band and they didn’t manage it. They get another shot today, and if they fail that would invite another retest of the highs and possibly a new all time high. SPX daily chart: