Slope of Hope Blog Posts

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Can Santa Crash This Party? (by Xerxes)

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There are four trading days left in 2022. This past week showed us two things. First, resistance is still in play as we rejected the 50 day EMA very nicely on Friday. Second, Friday also showed us that support refuses to yield as we finish the day with a hardy 60 point bounce on SPX. The result is a long wick doji pattern on the weekly chart, which is rather neutral. With lighter volumes we tend to see much more volatile moves and perhaps that is what we were seeing this week. Who knows?

Regardless, the continued support at 3800 is important to consider for the following week. We could see a rally with some choppy swings or we could see a volatile but controlled descent. Either way, it is a bit of a crapshoot. I can’t say for sure which direction to expect. I did provide expected zones should we move in either direction.