Slope of Hope Blog Posts

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So Far, So Good

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Yesterday morning I was looking for a test of the SPX 50 hour MA in the 2171/2 area and it was tested exactly at 2172 dead. SPX rallied there and ES has made further gains overnight. A lot of 5 & 15min buy signals fixed on various charts and it may well be that low holds and that the move up into a new all time high has started.

I do have a concern though, which is that the double top target wasn’t hit. It may be that won’t be hit, but until we see a conviction break over falling wedge resistance, which closed yesterday at 2178, then that is a possibility. SPX 15min chart:

160810C SPX 15min