Slope of Hope Blog Posts

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Some Support Breaks Here

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A new ATH at the open this morning but under the hood there were some telling signs of short term weakness both yesterday and in the subsequent move this morning. Yesterday there were some minor trendline support breaks, on the daily chart SPX failed to test the daily upper band, and some sell signals fixed on the SPX hourly chart. When I was doing this chart though I was looking at key short term support at the perfect rising channel from February 8th at 2360.5, and that has now broken, putting SPX in a likely short term topping process, though Stan and I don’t think that the swing high is in yet. SPX 60min chart:

170223 SPX 60min