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.

Let’s Catch Up

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Tuesday was a fairly humdrum day, so instead of focusing on any stocks in particular, I went through my 57 ETF charts and plucked out the ones I thought were most intriguing. I’ll say a few words about each one, and I’ve laid them out in alphabetical order.

Brazil, symbol EWZ, has almost closed its price gap. This could be an interesting, albeit modest, short setup, as it finally broken below its range.

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Backtest Or Retest?

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The first move down on equities has delivered nicely, and at this point the time has come for the rally that is in progress at the moment. Now on the bigger picture this is an inflection point test of trend resistance, and the alternate inflection point outcomes are either a failure at resistance into another leg downwards, or a break and conversion of resistance back to support, opening another retest of the all time high.

On SPX resistance is at the weekly pivot at 2820, supported by the key short term trend support/resistance levels at the 5dma, currently at 2820 and the 50 hour MA, currently at 2825. We should either see failure in this area, or a break back up into the high retest. I discuss the options on this morning’s premarket video. Since then the 60min buy signals on ES, NQ and RTY have all either made target or the possible near miss target.

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A Drop in IQ

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Yesterday was the “big event day” for Apple, which apparently consisted of introducing a credit card (whoop-de-freakin’ do) and also announcing a big push into content, with media moguls like Oprah and Spielberg showing up. AAPL, which remains almost 20% below its high from half a year ago, isn’t’ exactly exploding on the announcement. It remains trapped at its midline and below an important price gap.

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