The SPX high window closed on Friday, SPX filled the open breakaway gap at 2164.5 and SPX closed under the daily middle band on Wednesday through Friday last week. We should see a decline here, though I’m concerned that this is all taking too long, and the next low window at the start of next week isn’t moving back. If SPX is to make my target trendline in the 2080 area then it needs to get moving. Otherwise there’s a possibility that we see a smaller decline and spend September just gently topping, which would be a much less interesting alternative. SPX daily chart:
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.
Here’s your swing-trading watch-list:
Short Wynn Resorts (WYNN)
It’s a relatively quiet morning, with the financial news outlets still digesting and re-digesting the non-event of Yellen’s Friday speech. In spite of all the hoopla, I suspect September will come and go without a rate hike………and the FOMC will say they need more data……….and people will act surprised.
I was hoping the ES would finally slip beneath its 2166 level last night, but in spite of a few dips into the red, it’s green again. Lately, the Russell in particular has the peculiar habit of rocketing higher in the morning, only to have the rally fizzle out, often within the first half hour. We shall see. As it is now, though, the bulls remain large and in charge.