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.

Patterns & Cycles Pointing to SPX 2300 by Month End

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By Mike Paulenoff, MPTrader.com

Since I am a “pattern geek,” what is the Emini S&P 500 pattern whispering to us now? That all of the action off of the new all-time high at 2278.25 established on December 13 — exactly one month ago — is taking the form of a Bullish Coil Formation, which the vast majority of the time represents a digestion period prior to continuation in the direction of the underlying trend (up).

If such a scenario unfolds from the month-long formation, then as long as any weakness is contained above 2248.50, ES should take off to the upside, heading for a target zone of 2300/10. (more…)

Treasury Bond Yields Are Turning Up Again

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My work has triggered preliminary signals that the correction of the Sept-Dec upleg in the ProShares UltraShort 20+ Year Treasury (TBT) ended at yesterday’s (Jan 12) low of 38.19, and that a new upleg has commenced.

Let’s notice that the 24-hour upmove from 38.19 has stalled just below 39.90, which represents the resistance line off of the Dec high, and which, if (when?) hurdled, will trigger upside potential that projects to a retest of the Dec-high zone at 41.70 – 43.00.

Only a decline that breaks 38.19 will neutralize the constructive chart set-up.

Mike Paulenoff is founder of MPTrader.com, where he provides live intraday analysis and trade alerts covering the equity, commodity, and currency markets.

IWM & SPY in Precarious Near-Term Technical Positions

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Both iShares Russell 2000 (IWM) and SPY (lower chart) are in tenuous technical positions right now.

IWM has violated key support at 134.80/40, but has yet to follow-through to the downside, while SPY is probing, piercing, its Nov support line.

Let’s see if the bears can get any traction to the downside after inflicting initial technical damage.

full-1r3IMTwcf0XH995S17BBsOriginally published on MPTrader.com.

NUGT Continues to Play Catch-Up

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After the Direxion Daily Gold Miners Bull 3X ETF (NUGT) satisfied our swing target of 7.00 off of the 12.15 Dec 20 lows (5.55-5.51), which represented a very important objective, NUGT’s ability to hurdle and to sustain above 7.00 argues that a more important, more powerful recovery rally is in progress.

This rally points next to a confrontation with NUGT’s Dec resistance line, which cuts across the price axis in the vicinity of 7.90 this morning.

A sustained, upside penetration of the resistance line will exhibit additional evidence that NUGT and the Miners are in the grasp of an incomplete, powerful, recovery-rally period that has as its next target zone 8.60-9.25.

full-buRigTdfWAP0UCI5n1YdoOriginally published on MPTrader.com.

Has Natural Gas Started a New Upleg?

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Ahead of tomorrow’s Inventory Report, Natural Gas has pivoted to the upside after retracing right to a test of the upside breakout level (3.15/3.20) of its 2-year resistance line.

This is very constructive price behavior within a larger-developing bull phase, and argues for a positive reaction to the Inventory Report.  The reaction could perpetuate continued price strength for a revisit of the December high, en route to 4.00-4.10, thereafter.

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Originally published on MPTrader.com.