Greetings everyone! There are several chartist websites, all EW’ers, that I visit to help me in my trading. They are not always in agreement but it does help me gauge where we are at, up or down and strength of move. Tim made a proposal that we could go up until Jan. 7th until the Trade talks. As I look at these different websites it is becoming apparent that the next move might be down. Why?(more…)
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.
At the weekend in Chart Chat I was talking about the 2300-50 support area on SPX, and the current rally has started from there. That area is composed of the monthly lower band and the 200 week MA, both in the 2350 area, the 50 month MA at 2330, and rising megaphone support from the 2011 low now in the 2300 area. That is a formidable support area and, if broken, could open a direct move to the double top target area 2120-2200. If it holds that would be the obvious area to end the wave A move down from the high and start the wave B rally. If we see a retest of the lows after this rally ends then that could well be a double bottom setting up for the wave B rally. SPX weekly chart:(more…)
I am an old man and have known a great many troubles, but most of them never happened.Mark Twain
I worry way too much.
There have been times when this has been beneficial. When I first became a parent, it occurred to me I could walk into any room and instantly do a threat assessment. Any sharp edges, corners, or other physical hazards became instantly clear to my eyes. My caution and awareness has surely saved our children plenty of injury.(more…)
Equities bottomed early on Wednesday the 26th and rocketed higher, partially undoing the damage for the Christmas Collapse. The Dow managed to tack on about 1500 points to its low, and I suspect equity bulls will enter 2019 limping but relatively optimistic.
As I look at the charts, some of them make me wonder “is that all they’ve got?” In other words, it only took a few trading days to push prices back up to shortable levels, such as with the NASDAQ:(more…)