The new all-time high in the Technology Select Sector SPDR ETF (XLK) established on Friday June 9 followed by a high-volume Key Downside Reversal remains the dominant feature of the post-November upleg, and was accompanied by a glaring upside momentum divergence that serves as a warning signal indicative of upside price exhaustion.
2) All of the action since June 9 has carved out a sideways digestion pattern beneath the cresting 20 DMA, usually a harbinger of approaching downside price continuation.
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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.
Slope’s Consistent Performer
Triple-bearish-on-energy symbol DRIP is the gift that keeps on giving (in addition to ERY). Trade of the year!
You’re Welcome
An email exchange this morning:
Another Great Moment in Web Advertising
While glancing at my iPad this morning to catch up on the news………
One More Heave …. Um …. Again
I’ve had a gum infection this week and that has been affecting my sleep patterns and my powers of concentration. Hopefully it will mostly have passed by tomorrow, as it has definitely improved from yesterday to today.
I’m getting a post out before I go to bed tonight though because there is likely to be an important inflection point coming this week, possibly as soon as tomorrow, and everyone should be aware of that.
The short term picture on SPX / ES is that a triangle formed last week and broke up yesterday. I look at that more closely on the ES chart below but the way these generally work is that you see the initial break up (yesterday), then a backtest back into the triangle (today – possibly completed), and then a thrust up to a higher high, at which point we hit the inflection point that I’m looking at this week. When the triangle thrust ends the thrust is usually entirely retraced.
