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.

Testing Support Hard

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My expectations for the bears yesterday weren’t high, but they put in a decent showing, and they have a chance today and tomorrow to deliver some extremely overdue retracement. Tomorrow is the only day this week that leans bearish historically, in part or mainly because it is the frequently bearish last trading day of the month. Obviously Thursday leans bullish as the first day of the month.

The main chart that I’m watching here is the TF chart, and a decent quality H&S has formed there looking for the 1307 area on a sustained break below yesterday’s low at 1327.50. Since I capped that chart TF has backtested the weekly pivot, completed the H&S pattern and is now testing the neckline. Unless TF breaks back over the weekly pivot at 1335.8, my working assumption is that the H&S will play out. TF Dec 60min chart:

161129 AM TF Dec 60min

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High Viscosity

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As many energy shorts as I’ve got going (AMP, APC, DVN, EGN, and so forth) I’m keeping everything I’ve got two of crossed for good luck, since the big OPEC announcement is tomorrow morning. The past several days of trading don’t exactly express gobs of confidence in all these fine gentlemen voluntarily sacrificing oil revenue for the greater good of the cartel. I suspect there will be some new ridiculous rumor any moment now, in a desperate bid to keep this charade going just one more day.

1129-oil

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