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 Options

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The short term resistance on the SPX 5dma and 50hma that held for much of last week eventually broke and delivered the high retest and marginal higher high that I was looking for in the event of that break. So what now?

Well I’m expecting this to be the second high of a double top or possibly making the head on an H&S. 15min sell signals have fixed on SPX and an hourly sell signal has fixed this morning on ES. This high could already be in, and the rising wedge on ES from the last low has now broken down, which is promising. A small double top has broken down slightly towards a possible H&S neckline in the 2854 area, and there is now a substantial double top in place which on a sustained break below 2789 would look for alternate targets in either the 2728 or 2706 area.

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Grate Expectations

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From Edmund Wells: I went to bed knowing last night – – absolutely certain – – that today would be better. Because, I gotta tell ya, Monday sucked out loud.

  • The market exploded higher based on some made-up Chinese data;
  • Internet went down thanks to Comcast;
  • Then the power went out!

Indeed, the only good thing from yesterday, and I’m immensely proud of it, was the introduction of SlopeTiles, which absolutely rocks. Anyway, at least we don’t have any fresh bogus data to drive things higher, at least for the immediate moment. Today’s S&P 500 high eerily matched the extreme high of the left shoulder, both circled below.

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Crypto Cruise

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It looks like the crypto-crowd saw what equities did yesterday and decided to join the party. More precisely, about three weeks ago I pointed out that Bitcoin has seemed to stabilize and was in the process of completely an exceptionally clean saucer pattern. Having bottomed at about $3100, it kept slowly creeping higher, but it seemed to stall just about $4000. The buying pressure was finally released, and BTC has ripped almost 20% higher.

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