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.

Topping Out …… Probably

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SPX and NDX reached the resistance areas that I was looking at and may be topping out there, the rising wedge support trendlines on SPX, NDX and RUT have all now broken down. So what now?

Well on SPX I have been watching three levels which are all currently in the same area. These are the SPX weekly pivot at 2784, the 50 hour MA now at 2787 and the 5dma now at 2790. What I was looking for this morning was a break down through these, which we saw, then a backtest into those as resistance which failed in that range. That we did not see, and I’m wondering whether we are going to see a high retest next to set up the second high of a small double top. SPX is still on a 60min RSI 14 sell signal with a possible daily RSI 5 sell signal brewing.

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Kick Size, Dick Size

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Quite a show today, huh? Three testimonies at once! You’ve got
Lighthizer talking about the kabuki theater of the China/US trade talks., the traitor Jerome Powell performing fellatio to the House of Representatives, and – – the most fun of all – – the freak show of the Cohen testimony. What a party! I wish George Carlin was still alive. More than ever.

Anyway, 100% of my short positions are profitable. 100% of 56 different positions. One of them, Red Robin, is one I’ve mentioned several times before. The sheer size of the topping pattern suggests that much, much lower prices are to come. I’m holding on.

Morning Briefing

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So let’s see what’s going on………..

  • India and Pakistan, both of them thermonuclear powers, appear to be on the brink of war;
  • Michael Cohen is bringing testimony and hard evidence to his appearance today that would normally bury about ten Presidents;
  • The U.S. trade deficit (see below) just hit its worst point in the history of the human race.

Normal market: Dow Jones down 2,300 points.

Today’s market: equities down less than one-fifth of one percent pre-open.

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