Take note of the interesting similarities between the two right triangle patterns.(more…)
Slope of Hope Blog Posts
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SPX went to the resistance trendline that I was looking at in my last post and we have seen a 2%+ retracement from there so far.
On the daily chart the RSI 5 has reached the 30 level and the close yesterday delivered a clear break below the first big support level at the daily middle band. If that break below the daily middle band is going to confirm today, then SPX needs a close today at or below the SPX daily middle band, currently in the 4325 area.
I was doing an intraday webinar at theartofchart.net on Tuesday after the first leg down on this move and was looking at the obvious rally target at resistance in the 4445 ES area, and on a failure the obvious next target in the 4350 area. With that rally high yesterday at 4449 and the overnight low last night at 4347 I was pretty pleased with that call. If you’d like to see that video it is here.(more…)
Referring to my Kusama post from yesterday afternoon:(more…)
Witness what Amazon (AMZN) has done since UberDouche Jeff Bezos decided to take a flight in space that lasted several minutes. The stock has lost almost $300 billion in value, and frankly, it is still wildly overvalued, probably by ten-fold. But it’s a start!(more…)