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.

Backtesting Broken Support

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I was saying yesterday that my preferred target for this rally would be a backtest of the daily middle band on SPX. That’s now at 2388.50 and the high today at the time of writing is at 2384.41, so obviously SPX is now in the backtest area. The 60min buy signals on the SPX, ES, NQ & TF charts have now all made target and this is an obvious inflection point. On a reversal back down here the next target on SPX is larger double top support at 2322. On a break above with confidence the obvious next target would be a retest of the ATH and likely marginal new ATH.

Are there reasons to think that bulls may drive SPX through resistance here? Yes there are. Firstly the action so far on SPX/ES is very trendy so far, and I have valid IHS patterns on ES, NQ & TF that are all pointing higher, though in the case of ES that’s only marginally higher to the weekly pivot at 2390.50. (more…)

Nothing Can Stop This Market – Except?

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The SPX has continued its rally towards the ideal 2410SPX region this past week that we presented to you a month ago. And, it seems we still have a few squiggles to the upside left before this pattern is completed, and then tested.

Those with a short bias in this market have not fared very well. At each and every twist and turn, the market has proved its bullish intent, and continues to confirm our expectations that our long-term target of 2537-2611SPX will be met, if not even possibly exceed by next year.

In fact, I have warned for quite some time that we will begin to see former bears turning quite bullish, and we have seen this occur over the last several months. While I still do not believe we have reached the euphoric levels needed to mark a significant top, many former bears are coming over to the dark side.

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