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.

New All Time High On SPX

By -

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:

170508 SPX 60min

(more…)

Are You Done Looking for a Stock Market Top?

By -

By Avi Gilburt, ElliottWaveTrader.net

After the market bottomed at the 2330SPX support we noted weeks ago, it has continued higher towards our ideal target at 2410SPX on Friday, after spending the week in a sideways consolidation.

If you are done looking for a market top, well, so are many other bears. After this past week’s move (which we called for), more and more bears are waving the white flag. And the reason, which amuses me the most, is that they are claiming that “the fundamentals now support a higher S&P500.”

As I have warned many times in the past, market fundamentals are a lagging indicator. I have explained it in great detail in prior articles:

(more…)

Macron-Economics

By -

Given the mayhem that took place a couple of weeks ago during the first round of the French elections, I was naturally curious to see what would happen yesterday, during the runoff. Marchon was widely expected to win, and he did so, and quite handily. As with the last instance, there was a sudden “pop” in just about every market………the difference this time being the pop lasted about a quarter of a second, followed by a slow erosion through the night. First with crude oil……..

0508-crude

(more…)