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.

Testing Double Top Support

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Interesting setup on SPX here as the holiday week begins. SPX is now testing the larger double top support that I was looking at last week and has broken slightly below double top support at the open. From here there are only two high probability options.

The first option is that SPX continues down towards the double top target in the 2661.50 area. A sustained break below 2690 from here likely seals that for the bears. The second option here is that the double top fails and rejects at the break. That’s what I would call a Janus bull flag setup, and the target would be a full retest of the May high at 2742.24. A strong break back over weekly pivot on SPX at 2723.65 likely seals this for the bulls, though by that stage SPX would be most of the way back to 2742.24 of course. As a general rule I’d expect to see one or the other target reached this week.

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

Monday Night Chartball

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It’s been a nice long weekend, but I’m ready to start working again. Actually, I never stopped working this weekend, although there was one amusing little anecdote that happened Monday morning: I was driving along with my dogs, listening as I always do to Gilbert’s Amazing Colossal Podcast, and I just about had a heart attack when I heard them say: “Tim Knight”. It turns out a drinking game I had conjured up for their show and tweeted for them has made their next broadcast, so I can’t wait to hear what they have to say about it!

Anyway.

Bonds, annoyingly, continue to be strong. They haven’t wrecked their topping pattern, but sheesh the past week has sucked for bond bears like me.

zbdown (more…)