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’m sorry I’ve been AWOL for all this time, but I had a phalanx of family activities, and I was trying to get my family off to the airport on a trip, but that didn’t work out. See, the limp-wristed ghey boys at SFO almost shut down the airport any time it starts to sprinkle here, so all flights were delayed four hours because of – – and I’m not making this up – – “weather”. And I’m not talking about hurricanes and tornadoes. I’m talking about rain. What a bunch of pansies.
Yesterday was a very interesting day and in the end delivered a second failed attempt to break over the daily middle band on SPX and a very bearish daily candle that may have opened up the downside. Needless to say that candle requires confirmation, and we are still waiting to see whether bears can deliver that.
I won’t show it here but the rally from the lows on SPX has delivered a perfect rising wedge back to the 50% retracement and that rising wedge has broken down. That is a clear bear flag setup that should deliver at least a retest of the low at 2348.90, and likely lower. If the bear scenario is playing out then the high today at 2364.16 should hold, barring a possible retest to make the second high of a double top. On a break with confidence above the odds of the bears dropping the ball badly here will increase dramatically.
On a continuation down below 2348 there are two possible support trendlines that I’ll be watching. The first is a possible triangle support trendline in the 2340 area, and the second is falling megaphone support, currently in the 2300 area. SPX 60min chart:
Amazon bulls may want to stop and consider the two candlesticks printing on the daily chart: yesterday, in green, a shooting star, and today, in yellow, a bearish engulfing pattern. Just sayin’.