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.
Look! Oil has climbed above its June-Aug resistance line at $46.10, and at today’s high of $46.46, has climbed 19% off of its Aug 3 corrective low of $39.19.
More importantly perhaps, is that the structure of the Aug upmove exhibits bullish form, which “warns” us that the strength represents the initiation of a new advance within the larger intermediate-term recovery from the Feb low at $26.05, and projects to a minimum upside target of $55.00 in the weeks ahead.
Any forthcoming “digestion weakness” should find strong support at $44.60 to $43.20 prior to a resumption of the move to $55.
Originally published on MPTrader.com.
Today we sold off into the 4pm EST close at 2175ES (E-mini S&P500 Futures) as we had into Fed minutes for tomorrow Wednesday at 2pm. That’s the first time in a while where we ended the day at the lows.
Is that a bearish sign? And what happens next?
Well, if what happened today is a 4th wave, then it’s possible to have an a-b-c 5th wave up according to the red line.
Anyone who reads the news is exposed to death, both natural and accidental, every day. Proximity and familiarity, I believe, are directly related to death’s impact on our emotions. When nearly a quarter million people were killed in the Christmas 2004 tidal wave, I confess, I felt absolutely nothing. It might as well have happened on Planet Zutron in the Xerex system. Part of it, too, stems from the old saw that “One death is a tragedy, a million deaths is a statistic.”
I was, however, deeply troubled when I saw this on the front page of the morning paper:
Here’s your swing-trading watch-list:
Long Maxim Integrated Products (MXIM)
SPX went and tested possible smaller rising wedge resistance in the 2194 area yesterday and with the break below that rising wedge support this morning, that is now a candidate swing high. SPX 15min chart: