I was saying on Wednesday morning that the most important short term resistance was the 5dma, and we saw a break back over the 5dma at the close on Wednesday, so that put SPX back on the Three Day Rule. That means that in the event of a clear visual break (3 to 5 handles) back below the 5dma on either of the next two trading days, in this case yesterday or today, then SPX should retest the last low at 3886.75 before any retest of the prior high at 4325.28.
(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.
Nude Eel
Ugh, these bear markets are a total grind, aren’t they? More on that in a moment.
I just re-entered my short position on QQQ (November $310 puts) due to this touch:
Investments
In a period measured in hours, not days, the Dow has roared quadruple points higher and the /ES has tacked on nearly 200 points. The reason? Nothing to do with anything fundamental. It’s the same old “everyone is bearish” logic, coupled with the US dollar dropping in value after a long run-up.
Swarms of Inflation Data Coming
Next week is going to be big (and will drive the Fed decision in the week that follows):
Pee Yoo
What a lame, boring trading day. This is getting to be a grind again, I’m sorry to say. The only bright spot was my (lucky/cowardly/wise) fleeing of my Sept. 16 SPY puts, which yielded me an overnight 25% profit. By day’s end, those puts were worth about HALF what I sold them at. I think I got the “short-dated options” bug out of my system. It isn’t worth the anxiety.
As I look at the SPY, the top is still firmly in place, but for cryin’ out loud, I wish the market would start crumbling again. This green arrow business is for the birds.
