Slope of Hope Blog Posts

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Mayday

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SPX broke up through the possible H&S setup on Friday and delivered a full retest of the April high, closing the month six handles under key resistance at the monthly middle band and testing the main support/resistance trendline from the 2009 low. So what now?

Well, this is the main resistance that SPX has been failing at, and we now have the high quality topping pattern that I’ve been looking for, on decent quality hourly negative divergence, with matching topping patterns and divergence on other indices. This is the inflection point, right here, and the odds strongly favor SPX failing here into at least a strong retracement, and very possibly a leg down into a new bear market low.

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