Slope of Hope Blog Posts

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That Index Shine

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I have composed these before Friday’s open, but it’s worth checking out the state of the big indexes. They fall into two general camps. The first one is represented by the four charts below, and they share these characteristics:

  1. Large distribution top hammered out over a period of months, during which time lifetime highs were achieved;
  2. Medium-term resistance represented by the dashed red line;
  3. Major support defined as the bottom of the tinted zone.

Simply stated, a failure of the tinted area means it’s party time for the bears.

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