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.

After The Low Window

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The low window on SPX ended on Friday, and there wasn’t much at the weekend to suggest that prices would go lower this week. With RUT testing main rising wedge support at the low on Friday and NDX retesting the all time highs today, there’s not much to cheer the bears that has happened since. If you want to see that support hit on RUT, you can see that on Friday’s post here.

On the daily chart the key resistance level is the daily middle band at 2149, and SPX has been trading around that today. Bulls need a closing break above it and a confirming close above the next day. Bears would obviously like to avoid that if possible. The tape itself seems fairly indifferent, particularly in the afternoons in recent months. SPX daily chart:

161024 SPX Daily

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Stay Below the Gap

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Weird morning so far, eh? All I heard about, over and over again this weekend, was the big Time Warner (TWX) buyout, with a purchase price of $106 per share. Right now it’s trading at 87.48, down about 2.5% from Friday. Umm, I don’t even care enough to explore why, but it hardly sounds like an orgy of excitement to me.

What’s crucial to my eyes is for the Major Market Index to retain its broken trendline and stay beneath the gap I’ve highlighted below.

1024-xmi

Stuff-You-Can-Touch Weakens

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The allure of “merger Monday” is upon the world, as the logic seems to be that if a Time-Warner/AT&T deal can happen, then why not have everyone merge at big premiums? We’ve definitely need this movie before.

At the moment, gold remains in a no-man’s-land in which it’s trying to decide whether to complete its tiny saucer pattern and try a (surely doomed) assault at $1300, or whether it’ll simply succumb to gravity and continue its fall. My only precious metals position is a medium-sized GDXJ short.

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