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.

Economic Combustion Powering SPX to Test All-Time High?

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A big-picture perspective of the S&P 500 (SPX) shows that the most recent up-leg off of the June 28 low at 2691.99 has climbed to a new high at 2816.25, or +4.6%.  In so doing, the SPX has hurdled its prior two significant rally peaks at June 13 (2791.47) and at March 13 (2801.90), positioning the index for upside continuation to my next optimal target zone of 2845-2860. 
 
Should such a scenario unfold, the SPX, in effect, will be climbing towards a test of its all-time high at 2872.87 from January 26 of this year. Only a break below 2789 will trigger initial signals that the June-July up-leg needs a breather.

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Gold/Silver Ratio: Rising for a Month Now

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Well, look who is sporting a bullish looking pattern on its daily chart. It’s probably NFTRH‘s most watched indicator outside of the T Bond Continuum.

As you can see, a rising Gold/Silver ratio (GSR) attended the market stock market disturbances in February and March and a declining GSR has attended the relief, i.e. the expected ‘top-test’ by the S&P 500 that has ground on since roughly the same time that GSR topped in late March.

The GSR has spent a lot of the post-financial crisis era in dysfunction mode, but so far in 2018 it is working as we’d normally expect; it rises with market liquidity contraction and declines with risk ‘on’ and an absence of liquidity events.

So, is that indeed a bull pattern? Can we assign such TA to a ratio as opposed to a stock or an index? Valid questions, but all things being equal stock and/or commodity bulls would probably rather not see a pattern like that. What can’t be argued is that gold’s ratio to silver has been increasing for a month now. (more…)

Countdown to Intel

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Next Thursday afternoon is going to be a monster for earnings reports – Amazon and Intel. Obviously the Friday following will be a big mover in one direction or another (although, give the past 9 years, I can only assume New Lifetime Highs).

I wanted to share Intel in particular since it has a recent gap at 52.48. If it remains below this, we’ve got a failed bullish breakout, which is significant, because otherwise this is a hell of a gorgeous bullish setup. Indeed, if the price seals up that gap and pushes above it again (which won’t take much doing), Intel could have years of gains ahead of it.