Good God in heaven above, this market was boring today. Today? What am I talking about? It’s boring in general! Do you need proof? Just look at what the VIX has been doing for weeks now:
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.
Swing Trading LVS, RH, SFL, KKR, AES
Grinding Higher
I was looking for a test of short term rising support on SPX yesterday, and that target wasn’t hit, but it was hit on both the NDX and RUT charts. I’m therefore watching the NDX and RUT charts for the short term support trendlines and have added those charts below the SPX 15min chart.
SPX and NDX have made marginal new swing highs this morning. A new ATH made on SPX and inching a little closer to the 200 high retest on NDX. Short term divergence is suggesting retracement here, and if those support trendlines on NDX and RUT break then we may well see a larger retracement. The tape remains very muted however and as Stan was saying in Chart Chat on Sunday, the centre of the next high window is on 22nd August, so we may well see a slow grinding top form before the likely 4%+ retracement begins. You can see the recording of Sunday’s Chart Chat on this page here. SPX 15min chart:
Nurse Ratchet
Comment cleaner time, with a “gosh, not much happening” post. The only observation I’ll make about the ES below is that the jobs report seems to have ratcheted the price of the ES from a “pretty much 2165 or so” level up to a “pretty much 2175 or so” level. It certainly seems the market is content to pin a value based on big news and and then leave it there, allowing the VIX is sink closer and closer to the single digits.
