Slope of Hope Blog Posts
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I last wrote about the Financial ETF (XLF) on July 11th.
Since then, it failed to hold a brief breakout above the 25.00 major resistance level (convergence of 40% Fib retracement and upper channel), as shown on the following Monthly chart.
Price is sitting at the bottom of the upper quarter of a long-term uptrending channel…a segment that it hasn’t typically remained in for very long, or ventured above, since it began its long ascent from its 2009 lows after the financial crisis. (more…)
I have made a ground-breaking discovery this past week. It is so earth shattering, that it will literally change the course of my life, and may cause you to change yours as well. Let me explain.
Maybe you believe that the stock market volatility was the reason the metals rose? Well, the S&P500 is within 2% of its all-time highs, yet the metals have continued to rally alongside the market.
And, maybe you believe that North Korea is the reason that the metals have rallied? Well, I have dealt with that issue last week, so I do not have to re-address it here again. But, suffice it to say that anyone who has really followed geopolitical events will know that gold has moved in completely opposite directions during such tensions through history, and they will never provide directional guidance for the metals. (more…)
The Technology ETF (XLK) is close to forming a “SELL” signal. Two of the three technical indicators on the Daily chart below have done so, as of Friday’s close, while the RSI threatens to join the MACD and PMO if it crosses below the 50 level. Price action this week, following its all-time high made last Friday, has been overly bearish.
Watch for a potential retest of the 50-day moving average around 57.00, or lower to, even, the 200 MA around 53.00, on signs of escalating weakness.