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.

China’s Shanghai Index Rejected At Major Resistance

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I last wrote about China’s Shanghai Index (SSEC) on March 25, at which time I identified 3150 as major resistance. Price had closed at 3043.03 that day.

Since then, price briefly broke above 3150 to hit a high of 3288.45 on April 8, and, after retesting that level several times over the next few days, it finally broke and closed below on April 25. In Sunday’s overnight trading it closed today (Monday) at 2906.46.

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SlopeCharts and ADX

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It has been a while since we’re introduced any new technical studies to SlopeCharts, but we’re going to be beefing up this portion of the product. The newest entry, available to you right now, is the Average Directional Index (ADX).

The most important thing to understand about ADX that makes it different than most indicators is that, in spite of the word “directional” in its name, it actually should not be heeded for guidance about direction. The indicator is all about trend strength. In other words, the ADX could be moving higher and higher while prices are moving lower and lower, and all the ADX is telling you is that the trend is strong and getting stronger. The fact ADX is going “up’ doesn’t mean prices are doing the same.

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