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.
The S&P 500’s ‘Trump Trade’ is still intact per a chart guy actually worth listening to, Rich Ross, who I met 7 years ago when he worked at the firm (Auerbach-Grayson) run by my late friend, Jonathan Auerbach. Nice guy with nice, clear charts and no need to over complicate things.
Here he shows SPY above its SMA 50, which folks, is one of the reasons why I covered my own short positions. The other reasons were that the SOX was still on its short-term moving averages and Goldman and the Financials were smashing into lateral support and getting oversold.
This one chart shows why ‘the Trump trade’ is still intact (video link) (more…)
The rally that the bulls failed to manage yesterday has been delivered today, with SPX sustaining some trade above the daily lower band, though albeit not by a lot. So far the rally has retraced 50% of Tuesday’s decline while forming a very nice rising channel. So far this is a classic bear flag setup that on a break of channel support should at minimum deliver a retest of yesterday’s low. SPX 5min chart: