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.

The Credibility Gap

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This was definitely one of those mornings when I needed the tonic of some red on the screen when I woke up. Mercifully, I got it, and modest as it is, I’ll gladly take it.

In particular, my short on IWM is looking decent, based on the behavior I’ve been seeing with the /RTY. In recent days, we had: (1) the “yet another white flag above the White House” gap in prices that took place after the close on Monday, marked with a red arrow, (2) the slight overshoot of the Fibonacci at the end of that day, circled in green, (3) the GOOGL-optimism pop yesterday after the close, circled in red, perfectly touching the Fib, (4) the gradual sell-off all through the night.

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Up Against the Wall

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Yesterday, Wednesday, I had an absolute blast trading. Today? Not so much. It seems there’s a lot more strength to this “trade war is over, so let’s all buy stocks” zeitgeist than I anticipated. I’d like to highlight some important Fibonacci levels with respect to the major equity index futures.

For the /ES, it’s at 5650, although there is a lower level, marked with an arrow, which I also regard as important. This represents the base of all the overhead supply, and if the market gods wouldn’t mind too terribly, it would be helpful if we didn’t even bother tagging the Fibonacci again. If we cross above the blue, however, the circle red number is the next meaningful resistance.

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