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.
Good morning, everyone. Well, the big week is here. If all goes as planned, we’re going to make the leap Friday night from the old Slope to the new. I’m plan to have my fire-retardant underwear on for as long as possible, because when it comes to software deployments, you never know how badly (or well…….) things might go.
For the moment, just a quick glance at two key charts. Looking at the /ES over the past couple of weeks, we had our all-too-brief drop last week, followed by an irksome recovery. The series of lower highs is still in place, but it’s quite plain to see the slope is becoming much milder. This is a huge week in earnings, of course, with AAPL the spotlight Tuesday afternoon, so that will be the real driver.
The monthly chart below of the South Korea ETF (EWY) shows January’s breakout to new all-time highs, followed by a brief pullback and rally back to close above its prior record high of 75.05 in March (now near-term support). Price is cautiously extending these gains, so far this month, while experiencing quite a bit of whipsaw movement on a daily basis.
It’s also sitting just above the bottom of a long-term uptrending Andrew’s Pitchfork channel around the 70.00 level (major support). Its next major support level is around 60.00 on this timeframe.
Both the momentum and rate-of-change indicators have been waning since last October, but remain above zero. A drop and hold below zero, as well as price drop below 70.00, could see price retest 60.00, or lower. (more…)
Written by Elliott Wave Trader: For those that have followed the long-term bond market, you have likely seen many analysts attempting to call the top to the market. And, many have even tried multiple times. However, through the years, bonds continued to chug higher and high.
On June 27th, 2016, we sent out a major alert to our members at Elliottwavetrader.net entitled “Beware of Bonds Blowing Up.” Yes, we took our turn in attempting to call a top to the bond market. But, a little over a week later, the bond market struck its highs. Since that time, TLT has dropped almost 20%.
Since Xenia Taoubina began providing her bond analysis to our members at Elliottwavetrader.net two years ago, her view has been that TLT was going to strike a significant high in 2016, and set up a large decline off that high. That’s exactly what we saw, followed by a nearly two year long decline in the price of bonds (rise in yields). (more…)
What a strange week we just finished. Pretty much all the excitement was experienced on Tuesday (I don’t even remember what caused the plunge……..not that it matters), and then we had the NASDAQ-earnings-are-great rally starting on Wednesday. All in all, the week was kind of a wash, and you can see with the DIA below how the CCI is just kind of meandering at the midline.