SPX delivered some wild moves this week, helped along by the White House Staff’s ongoing failure to gain control of the President’s twitter account, but at the end of the week SPX has reached the obvious first target at a test of the 2915 support area, and there is a short term inflection point here. This is the retest of the late June low, just above a big open gap from 2889.67, and is a possible H&S neckline area. If SPX was to rally from here the ideal right shoulder high would be in the 2964 area, and that would set up a possible H&S that on a sustained break down would look for the 2800 area, with obvious serious support on the way at rising wedge support, currently in the 2870 area.(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.
How many times have I mentioned the AXL analog? A dozen? Two dozen? Anyway, this is finally entering slaughter-ville. It also gave me the opportunity for one of the most clever post titles of all time.(more…)
Well, blowout earnings don’t count much anymore.(more…)
This is the break that I and the two other surviving equity bears on the planet have been anticipating. Financials have broken the trendline established by the criminal intervention in the market Steve Mnuchin executed on December 26th. Now things get more interesting.