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.

Shanghai Index in Weak Rally as China’s Credit Rating Downgraded to A+

By -

The Shanghai Index has recently begun to rally, after remaining in a large sideways congestion zone since mid-2015, as shown on the following Daily chart.

It’s currently trading under the bullish influence of a moving average Golden Cross formation, with the RSI, MACD and PMO technical indicators making a corresponding higher swing high. However, the MACD and PMO have recently made a bearish crossover “SELL” signal…if the RSI drops and holds below the 50 level, we may see price drop and retest near-term support at 3250, or fall to, potentially 3000, or lower.

(more…)

USD/JPY Mired in a 31-Year Congestion Zone

By -

The USD/JPY Forex pair is mired in a 31-year sideways congestion zone, as shown on the following Monthly chart.

Major resistance and support are formed by a long-term 40% Fib retracement level at 124.34 and 23.6%  level at 105.69, respectively. The momentum and rate of change technical indicators have been in downtrend since mid-2013.

Until we see a clear breakout above or breakdown below one of those Fib levels, the Yen will likely continue to be subject to volatile, non-directional whipsaw price action in between them.