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 5dma Three Day Rule – Day Three

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ES/SPX found support where expected on Friday and reversed back up towards triangle resistance as expected, and then gapped over that at the Sunday globex open and the SPX RTH open, which was not expected. The triangle may be breaking up with a target at the retest of the all time high, and the opening gap up from 2355.84 is a candidate breakaway gap into that retest. There is a possible high here, but bears need to break down hard and fill that breakaway gap, ideally today, at latest tomorrow. Otherwise SPX likely retests the all time high. The 5dma is currently at 2351 and is likely out of reach for a close below absent a serious news bomb today. SPX daily 5dma chart:

170424 SPX Daily 5dma

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Old Faithless

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I’m sure everyone’s on the edge of their seat about my sleep schedule, so I’ll get that out of the way – – I got into bed at 4:30, fell asleep at 5:00, and was up again (thanks, dogs……..) at 6:00. Yeah, they let me sleep in. Anyway, as you might guess, it’s not a great day for ol’ Tim, but there is one bright spot: crude oil.

I’m a bit obsessed with crude, and it’s falling away nicely from a fairly meaty topping pattern (tinted in green):

0424-oil

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