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.

Support Levels on SPX

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Looking for an AM low this morning before ideally a push up to retest the Sunday night globex high on ES, target area on SPX for that would be 2407/8 area. I’ve been looking at the important short term support levels on SPX and they are the 5dma currently at 2393.5, short term rising channel support currently in the 2392.5 area, and the 50 hour MA currently in the 2389.50 area. My lean is that none of these levels are likely to be broken before the Sunday night high is retested. If the short term rising channel breaks then my working assumption would be that SPX has moved into a topping process for a swing high that should last a few months. SPX 60min chart:

170509 SPX 60min

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Endless Drift

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A quick glance at ZeroHedge this morning tells me that being in the bad news business is awfully tough these days: with Emmanuel “Clinton” Macron winning France, equity markets at lifetime highs, and no meaningful geopolitical turmoil, there aren’t many coals to stoke. Indeed, they’ve resorted to running stories about what a dangerous city Baltimore is, which is like me writing a header post about why ill-fitting shoes are uncomfortable.

I have had a happy distraction in the form of SlopeCharts, and judging from how much Slopers are using them, I’d say it’s off to a great start. I keep emphasizing “this is just the beginning”, and if you saw the list of features I plan to add, you’d know it’s true. It has been over a dozen years since I’ve had a chart platform to control, improve, and expand, and it’s an extremely liberating feeling for someone like me. By the time I’m done, the other chart platforms on the web will be embarrassing (more…)

New All Time High On SPX

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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

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Are You Done Looking for a Stock Market Top?

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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:

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