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.

Support Holding So Far

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I haven’t posted the full set of charts that I do every morning for a while and these are the companion charts that I use in my premarket videos for Daily Video Service subscribers at theartofchart.net. I posted that on twitter before the open today (@shjackcharts), but if you missed that you can see that here.

On ES I was saying that the outlook remains bullish as long as 2146 remains unbroken, and the LOD so far is 2147.75. If that remains the LOD then the outlook still leans bullish. ES Dec 60min chart:

161004AM ES Dec 60min

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Market & Macro Indicators

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It’s one NFTRH segment among many, and certainly not the sexiest of them.  But it is among the more important ones in my opinion.  I don’t mean to be cavalier (see the end of this post) about the risks built into the markets and into the system.  I started Biiwii.com 12 years ago with systemic risk a primary reason, and that has not changed; it’s intensified.  But functionally, we need to put the tin hats on a hook and operate daily, weekly and monthly without letting emotions take over.

Hence the indicators.  If they go bearish along with market technicals, we’ll catch it, hopefully early, as we usually do with market changes.  We got bullish months ago because that is the way the TA and the indicators went, and I remain un-bearish at this time.

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One More Heave …… Probably

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Stan and I are looking for a high this week, or next Monday at the outside, but there’s a possibility that the high might already been in. SPX has been chopping above and below the daily middle band for a week or so now and if SPX should make a conviction break down from it the high might well be in. There are already very nice looking double top setups here on both NDX and RUT. We’re leaning higher first for a number of reasons, but they may not deliver. This is a week to be cautious about getting married to any longs.

One of the reasons we are looking higher here is the triangles forming on SPX and NQ particularly. That triangle is still forming on SPX, as you can see looking at the triangle on the RSI 5. This kind of triangle would generally complete, break up, and then do a thrust up out of the triangle that would open be the final move up in a sequence. SPX daily chart:

161003 SPX Daily

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