Slope of Hope Blog Posts

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Back At Major Resistance

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Well the bearish stats for Wednesday and Thursday this week did not deliver, which was remarkable yesterday as at the start of the day there were hourly sell signals fixed on all of ES, NQ, RTY & YM. That equities went up hard instead was an impressive show of strength, bringing SPX back up into a full test of key resistance at the monthly middle band, now at 4169.46, but not broken until there is a monthly close above it, and the main support/resistance trendline from the 2009 low.

That is still very strong resistance, but after the rejection back up here, and the very strong action over the last two days, I’m increasing the odds of a break above from 25% from 35%.