Slope of Hope Blog Posts

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In Between Days

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SPX gapped up over 3000 this week and has been sustaining trade above it, with retracements. My working assumption is that SPX is on a path to reach my 3100 target area. So how is that looking on the SPX hourly chart?

Well I drew in two high quality possible rising wedge resistance trendlines on my SPX chart a couple of weeks ago and the first was resistance last week and then was gapped over at the weekend. I’m looking at the next one higher and if that was to be hit in the 3100 area, that would likely be towards the end of next week. There is already a possible hourly RSI 14 sell signal brewing but I’d expect SPX to need to go at least a bit higher to deliver a decently formed divergence. Main rising channel support is now in the 2900 area.