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.
ES made a new all time high overnight and SPX has made a very marginal new high this morning. I regularly hear that highs made in globex are always retested in regular trading hours, and that isn’t true, and is demonstrated to be untrue on a regular basis, but these globex highs are retested at least three times out of four, and most likely we’ll see that here.
SPX has a decent rising channel established and rising channel support is in the 2390 area. That’s in the same area as the 50 hour MA, and I’m expecting that to hold until this move enters the topping process. SPX 60min chart:
This one is doing terrific, and I think its best (that is, worst) days are yet to come.
The real economy, in my opinion, is better represented by the likes of the commodity index (shown below) than by, say, SnapChat (which reports “Earnings” on Wednesday). The breakdown continues apace…….