I was chatting to a trader friend at the end of last week and he was telling me that many were now looking for a major bull breakout on SPX from here, and I think I’ll show in my post today one strong reason to think that’s very unlikely to happen. That reason is based on what has been happening at the weekly upper band over the last three weeks, which historically has been a very solid indicator that short term upside is limited and that a minimum 4%+ retracement is close. (more…)
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.
Crude Now in Next Lower Fib Range – Already!
Won’t You Be My Nabors?
One of my better performers today is Nabors Industries, which I shorted a little over a week ago when it broke its intermediate-term ascending trendline.
Stiffy-Be-Limp
When I went to bed last night, markets across the board were surging. Having broken about above its multi-week range, the ES was flying higher, and this morning I was bracing myself for a big green number. Instead, it seems the breakout has lost its verve, for now at least:
