Slope of Hope Blog Posts
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There’s quite clearly a diversity of opinion here on Slope, as SB’s post pointing to bullish times ahead is somewhat different than my all-hell-is-about-to-break-loose view. Time will tell! On the latter, I offer these ETF charts……..
FIrst is the Dow 30 DIA which, if nothing else, is quite a distance from its main supporting trendline. Last week saw some weakness, and this may be nothing more than a downward “blip” on the steady ascent that’s been in place for many months. I am positioned instead for a weakening toward support.
If nothing else, this will win the Fewest Number Of Bars in a Chart award for the entire history of this blog. I honestly didn’t think I’d be shorting SNAP, but frankly I think the mania over it is so completely misguided that I couldn’t help myself. I have a reed-thin analysis for this tiny chart, which is that I’m short it with a stop-loss price of 23.80. It’s a tiny position, because it’s a pretty silly trade, but I at least wanted to let you know. It’s profitable so far!
In my post of February 9th, I mentioned the importance of the World Market Index breaking, and holding above, 1750, as a potential signal of support for world equities, in the longer term, including that of the S&P 500 Index (SPX).
Since then, the World Market Index has, indeed, broken above and dipped back below 1750 several times, and closed out this week (March 10th) just above that level, as shown on the Daily chart below.
The RSI is in downtrend, but popped back above the 50 level, while the MACD and PMO indicators have yet to form bullish crossovers and remain in downtrend.
Daily World Market Index