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.
Three Day Rule – Day Three
All charts and video today done last night or this morning for subscribers at theartofchart.net.
SPX spent much of Friday under the 5dma, but rallied to close on it, so the three day rule was not triggered. Bears have a second and last chance today to close more than two handles below the 5dma, currently at 2138.10. If they can then the rule states that we see a retest of the current retracement low at 2119 and likely go lower. If they can’t then the retracement low may well already be in and SPX likely rallies into the high window that opens on Thursday 23rd September, ideally retesting the current all time high or going a bit higher into the 2210 target that Stan and I are looking at. SPX daily 5dma chart:
Lighten Up, Francis
I’m in no mood to be a hero against Janet “anti-Christ” Yellen this week, so I’ve lightened up considerably, having gone from 70 positions to a mere 45 and a 150% commitment (vis a vis my buying power) to 100%. I want the little three-foot beast to get out of the way before I try to do anything cute with the market. I’m laying relatively low until Wednesday blows over.
Explosive Strength
Welcome to Central Banker week, everyone. This is one of the big ones, with both our own Fed and Japan both having big announcements. I suspect in both cases there will be a long-winded, “nothing”, but that doesn’t mean the entire world won’t be on the edge of its collective seat.
As for this early morning, as I type this both the ES and NQ are up double digits, and the only news I can really see that’s happened since the market closed is multiple terrorist bombs in New York and New Jersey (the first of which was apparently planted by a Afghan-born terrorist and injured 29 citizens). So in our insane world, once again multiple acts of terrorism seem to be just peachy as far as the bulls are concerned.
