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.

Steady Progression

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Technical analysis and charting are, of course, subjective creatures. I feel very alone right now, since even among bearishly-inclined chartists, everyone is saying the bottom is in. Even our friends in Gainesville, weary, I suppose, of calling it wrong for so many years, are too timid to predict any decline more than one or two percent, and they are crystal-clear in their declaration that new highs are on the way.

For myself, nope, that isn’t the case. I’ve got 50 shorts and 50 more I want to short. Short-term, while the bulls are hugging and kissing each other from the bounce yesterday, what I see is a steady progression of lower lows and lower highs. Trump is going to fail, and, although he’s quite unaware of it, he’ll usher in the market the bears have been yearning for nearly a decade now.

0328-es

Finger on the Trigger (by a Sloper)

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Note from Tim: Nearly seven years ago, Market Sniper (“Dutch”) wrote a piece called The Very Last Day in One Trader’s Life, a personal tale. In a similar vein, another Sloper, whom has requested anonymity, offers up this autobiographical tale (unlike Dutch’s, which was about a friend), and I am grateful for this thoughtful contribution. I usually embellish posts, including those from outside contributors, with graphics to make them more interesting and approachable, but I am leaving this as an unadorned essay, as originally submitted:

Let’s talk about something dark. Something really dark. This may not be appropriate for a trading blog. This is a story about suicide. A very personal story about failed life expectations, great loss, and how nice guys finish last.

Ever since age 16, I was driven. I had high life goals, school was easy, grades were high, and life was high. Life came easy. I was born with a silver spoon. My parents were not super rich, but very conservative and had zero debt with enough savings to give their children every advantage they could. When I was old enough to drive, my dad gave me a 1979 Chevy. It was an old beater, it didn’t impress girls, but it was mine. I was proud of it. The Chevy taught me a lot about life. I always had a pair of jumper cables handy since that battery was always dead. A lesson, I had not yet realized the importance. There is always option B when things look dire. A backup plan.

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Candidate Low

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A big gap down this morning from Friday’s close at 2343.98, not quite filled at the time of writing with the high so far today at 2343.79. Unless SPX fails hard here this is a strong candidate low for at least a few days, and the resistance levels I’m watching are the gap fill, then declining resistance in the 2348 area, then the last rally high at 2358.92. On a break over that I’d expect a test of falling megaphone resistance currently in the 2382 area, and on a break over that the obvious target would be a retest of the all time high at 2400.98, very possibly to make the second high of a double top. SPX 60min chart:

170327 SPX 60min

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