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.

Support Test and Inflection Point

By -

The research I am doing on the 45dma over the last 25 years is a bigger job than I expected so I should have the post out on that next week.

In the short term though, equity indices have been looking pretty interesting and and are at a significant short term inflection point here. The first part of that is that the daily middle band was tested on SPX at the current low today, and that is the key short term support level. There have been a couple of breaks below that in the last few weeks but there has been no daily close below it since SPX broke back over it in early November. If seen, a clear daily close below it would be a significant technical break. Without that break, a retest of the current all time high would be the obvious next target.

SPX daily chart:

(more…)

Optimism Unwind

By -

I guess $2 trillion doesn’t mean as much as it used to. After yesterday’s “leak” of the latest hurricane of free money came out, the small caps exploded to a never-before-seen level (green arrow). Pretty much the moment Biden talked about it for real, things started to unwind. The whole thing is a comic farce. Free trillions out of thin air. This nation has absolutely zero dignity left at this point.

unwound
(more…)