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.

One Down, Three To Go

By -

Today is the end of the first quarter and the first day of the second quarter on Monday traditionally leans 75% bullish. That’s worth bearing in mind here as any bullish move here may follow through on Monday.

Full Intraday Video from theartofchart.net – Update on ES, NQ and TF (at the start) and then DX, CL, NG, GC, ZB, HG, KC, SB, CC, ZW, EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD and NZDUSD:

(more…)

U.S. Major Indices Fail to Hold Onto Gains in 2018 Q1

By -

Each candle on the following charts of the Dow 30S&P 500Nasdaq 100 and Russell 2000 Indices represents a period of one quarter of one year.

Buyers tested the waters above the highs of 2017, but were not able to hold those gains as they received little to no support to advance any further, and even gave up most of them, by the close of Q1 of 2018, with the exception of the NDX (which held above last year’s close).

(more…)

Never Sell Oil on Fridays? (by Moneymiser21)

By -

A well respected Slope trader posted more than once that he never/rarely sells oil futures (/cl) on a Friday.

So with plenty of backtesting to do on this Good Friday, I put that theory to the test, and found there’s a slight edge to that mindset.

The lookback: 5 calendar year 2012-2017.

314 end of week days (sometimes that was a Thursday)

9:00 a.m. EST until 2:30 p.m. EST (old pit hours still the highest liquidity, with 2:30 p.m. still used for settlement) (more…)

Putting a Face to a Tragedy

By -

There has been much talk in recent years about how computers and robots are going to take over everything. We’re all going to lose our jobs to them. They’re all going to drive trucks and cars. They might even turn on us and take over earth.

I have been mixed up in technology pretty deeply since 1979, and these concerns have never crossed my mind. Technology, even in its most modern form, usually has so many band-aids holding it together, there’s no fear on my part that it’ll suddenly become self-aware and decide to enslave us. Hell, personal computers have been around for over forty YEARS, and they still take several minutes to boot and are prone to freezing. Do you really think the Macintosh would need a “Force Quit” function if technology was totally reliable? It isn’t. (more…)

Fibonacci Confluence Levels on Netflix

By -

As I mentioned in yesterday’s post of the FAANGs, volatility is on the rise for all of them, including Netflix (NFLX).

The weekly chart below shows the confluence levels of two sets of Fibonacci retracements…around 273235210 and 174. These levels also intersect with the lines parallel to the median of the Andrew’s Pitchfork channel, and the median, itself.

A drop and hold below the first at 273, combined with an accelerating decline of the momentum indicator, may see a retest of 235, or lower. (more…)

Two Higher, Two Lower

By -

By Harry Boxer – – Retailers lead our list of top charts to watch, while two technology stocks lead on the short side.

Lululemon Athletica Inc. (LULU) sprinted up 9%, or $7.25, to close at $85.96 on extremely heavy volume of 10.7 million shares traded Wednesday.  That’s more than five times its average volume. The jump up came with the athletic apparel company’s better-than-expected earnings announcement and 2018 outlook.  The move broke the stock out of a bull wedge consolidation, reaching a new all-time high of $87.98 intraday. Next target: $94.

Macy’s, Inc. (M) moved up 4%, or $1.21, closing at $29.07 on 11 million shares traded. The move came with news that President Trump is considering legal action against competitor Amazon that favors traditional department stores. The stock reached a bottom right before its November 9 earnings announcement and has been on its way back up ever since. Price is currently sitting in a bull flag consolidation pattern, showing significant potential for another leg up. Next target: $34.50. (more…)