This new routine from Our Patron Saint has just been released, because George (understandably) didn’t feel it would be very well received since it was recorded exactly one freakin’ day (within hours, actually) before 9/11/2001. But here ya go……….and I must say, as always, I agree:
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.
Mind The Gaps
SPX hit the 2172 target I gave yesterday morning and has traded as low as 2168.5 at the time of writing. This area may hold, and if so the obvious rally target would be the left shoulder high at 2187/8, with important resistance at the 50 hour MA currently at 2182/3. If SPX was to fill the open gap at 2190.15 we would likely see a marginal new high, probably at or under 2200. If SPX fills the open gap just below at 2164.25, then that opens up the next decent support level and possible H&S neckline at 2147/8. SPX 15min chart:
Miners Channel Broken
As I’ve been “warning” on my little TastyTrade segment, miners have been looking awfully vulnerable. It took a few days, but it’s finally happened – – the miners, represented by the ETF symbol GDX, have broken their ascending channel which has been in place pretty much the entirety of the year. The juniors version (GDXJ) hasn’t quite broken yet, but it’s getting close.
SPX & HUI, Daily Through Monthly Views
SPX daily is at the top trend line of what could be a wedge. Huey is in a robo trend up in a channel.
What Now for Oil, Up 19% Off Aug Pullback Low?
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.
