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.
Further to my post of November 24, 2016, the World Market Index did, subsequently rally and is now stuck in a trading range between 1700 and 1750, as shown on the Daily chart below.
In that post, I mentioned the importance of a break and hold above 1750 as a potential signal of clear support for world equities, in the longer term, including that of the SPX.
You can see that a new “SELL” signal has just been triggered by the bearish crossovers of the MACD and PMO indicators.
Yesterday was clearly a good day to introduce my new Jack in the Box continuation/flag pattern. The double bottom broke down slightly and has then reversed back into a full test of 2299.40. The full ATH retest at 2300.99 is VERY close and should be tested today if we are going to see that full retest. SPX 60min chart:
Want to see something interesting? Here’s the chart of the USD/JPY forex cross-rate (black chart) married with gold (blue chart). The correlation seems about as close to -1 as you can get. As my Slope Plus subscribers know, I’ve got a hodgepodge of gold-oriented shorts, so it appears that USD/JPY is key to watch.