ES made a higher high this morning, slightly overthrowing wedge resistance, which could need to be slightly redrawn, and then rejected into a test of wedge support, reversing back up there exactly. That has delivered the move I was looking for yesterday, but if we are really seeing something significant change, then there will need to be a round two. The characteristic bear fail in 2017 was to do the first decline in a sequence, and then resume the uptrend without delivering a follow-up. The next test is to see whether that happens again here. The NQ chart is encouraging there, as the NQ rising wedge broke support at the LOD, and that would generally follow through. Intraday Video – Update on ES, NQ and TF:
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.
Down the Drain
My broad disposition these days is (a) bearish bonds (b) bullish precious metals (c) WTF on equities. I will say, however, there are select equity sectors that I think are still able to (gasp) descend. One of them is real estate. The ETF below illustrates this nicely; it is the triple-bullish fund based on real estate, and as you can see, it’s in a terrific topping pattern. It did a fantastic job filing its gap, and now I think it’s going to be descend-a-palooza.
Miners Reach Escape Velocity
I’ve been yammering on quite a bit on my Tastytrade show about how the dollar’s weakness and the yen’s strength would finally give the gold bugs a much-needed rally. Well, it’s here, and GLD has cut above an important level of resistance, besides having already blown past its descending trendline.
SPX 3000?
Year-to-date gains/losses made in the 9 Major Indices and 9 Major Sectors are shown on the graphs below…amazing gains after only 15 trading days.
The SPX is already over half-way to the 10% target I had forecast in this post for the entirety of 2018.
