It seems hard to believe that the corrupt, will-do-anything-to-prop-equities-up administration would allow even a single down day to happen, but it did. I mean, with stocks like Apple up nearly 50% in just three months, I hope the bulls can stand up to such a blistering pinprick.(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.
This really is one of the most nicely formed trendline highs on SPX/ES here that I’ve seen in a while and, so far at least, trendline resistance is holding like a champ. As long as that remains the case we should either be starting the first swing down now or, if the weekly pivot on ES at 2879.50 can’t be broken and converted to resistance on this test, we would likely need one more high retest to complete a slightly larger double top than the one that has already formed and broken down on both SPX and ES.
The short term setup here is a double top that might be a Janus bull flag. That’s a pattern of mine and I haven’t yet found time to write a definition page with examples but the short version is that a double top has formed and broken down slightly. At this stage SPX either heads to the double top target, or rejects back into a full high retest. One of those two scenarios should be next. I talked about the setup here and support levels in my premarket video this morning.(more…)
Disney (symbol DIS) looks ready to break out of a quite well-formed triangle pattern. As spectacular as this stock has been, its P/E is incredibly low for this insane market (only 15).(more…)
I mentioned in the prior post having 50 short positions, all of them individual stocks. I have increased that to 62 short positions, one of which is my only ETF short: XME, the metals and mining ETF. Stripped of both drawn objects and even the price bars, the chart shows the pivot:(more…)
I’m not the sharpest knife in the drawer, but even I’ve learned not to get excited about overnight weakness (one chap on Twitter described it as “the slope of hopelessness”). I mean, just look at the nonsense from yesterday which, as usual, required absolutely no impetus or reason:(more…)