Since I’ve been having an unexpectedly grand old time being a SNAP permabear, I thought I’d share some thoughts this Friday evening about the nature of a financial instrument which basically does nothing but go down.
Slope of Hope Blog Posts
This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.
I’ve mentioned crude might fight its way back to $52 before falling again, but it might not even muster that much strength. Using the USO as a guide instead, I’ve put a horizontal line at a gap that I believe is also potential resistance.
Remarkably SPX/ES is still in the same inflection point it was yesterday afternoon. I had expected to see some resolution either up or down on ES overnight but no, so both targets are still in play at either the strong support zone at 2368-72 SPX with rising wedge support, the ES weekly pivot, the 50 hour MA and the daily middle band, or a retest of the rally high at 2390. I’m expecting to see one of those targets hit today and and am leaning bearish, though without any great conviction. SPX 60min chart: