On 5th July last year I was updating my SPX monthly chart and added a scenario for a retracement that I thought might take place in the next few months, and talked about that in webinars at theartofchart.net. On 6th August I then wrote a post about that scenario looking for a backtest of a trendline on the monthly chart that was in the 3800 area at the time. That trendline is now in the 3930-50 area, and that is my main target for the retracement we have been seeing so far this year.
(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.
Extreme Bloating
I don’t trade it myself, but I know natural gas has been a hot topic this year. Take a look at UNG: it seems unstoppable, all starting with its cup-with-handle bullish pattern.
That Man
Well, my friends, here we are again. Instead of letting the organic, God-given natural forces of markets work themselves out, we have to wait like unruly children outside the Vice Principal’s office, waiting for him to do whatever it is he’s going to do with us. The entire financial system holds its breath while a tiny group of government academics that constitute an authoritarian financial politburo called the Federal Reserve deigns to give us their command-and-control edict for our once-great economy.
As such, the aforementioned children are squirming in their chairs and picking their noses with absolutely nothing to do but wait. As I’m typing this pre-market, all of the equity futures are up slightly, but in truth they’ve gone absolutely nowhere this week. Yesterday’s marvelous tumble was met with ferocious buying, yielding the entire day an utter waste of time.
