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.

Huge News Week Part Two

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On election day I was writing that the huge news this week would likely dominate the markets, and the first and larger part of the news is in, with Trump elected President again, and markets breaking higher in response.

I was also writing a few days ago about two unfinished business targets above that I was expecting to see hit within weeks and they were a new all time high on QQQ (done), a retest of the 2024 high on IWM (done) and possibly a retest of the 2021 all time high on IWM (also done). That has cleared out the unfinished business targets above so today I’m going to be looking at possible targets higher on the US indices.

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Three Crypto Bulls

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In the conclusion to my post yesterday I said:

‘So what’s the takeaway here? Well before the open this morning I was talking about the decent looking possible double bottoms on Bitcoin, Solana, SPX and DIA. Those have broken up on Bitcoin and Solana, and the ones on SPX and DIA are heading that way at speed at the moment. We could see a strong rally across the board today and, subject to the huge news week this week, that could take all of these back to last week’s highs. ‘

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Binary Setup Here On Crypto

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Solana (SOLUSD) is the pattern leader on Crypto here, so I’ll start with that today.

I was looking at the possible inflection point on Solana last week as it hit main bull flag resistance and reversed there, and so far that has been playing out in a way that is suggesting that we might see that possible big reversal that I was looking at.

On the daily chart a daily weak RSI 14 sell signal has fixed, Solana has broken back below the daily middle band and backtested the 50dma, currently at 154.90, and resistance is at the daily middle band, currently at 167.15.

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Huge News Week

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It’s election day today and that is one of the two big news events this week that we are aware of, the other being the Fed decision on interest rates. There is a possible setup here for a substantial decline and also for a high retest and when that news is in we may well be see one or the other.

In terms of the high retest, the retest of the low yesterday set a possible daily RSI 5 buy signal brewing on SPX. If that fixes that could support a high retest from here.

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Technical Damage & Options from Here

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It is the first day of the month today, and I’ve just used daily charts in the charts posted below, as these have all the new monthly pivots marked on them. I’ll also be posting the full list including all the futures I chart at my Substack at the weekend with all the new weekly pivots as well.

This is also really the first post of two. Today I’ll be looking at possible patterns forming and resistance levels, and on Monday morning I’ll be looking in detail at the possible topping patterns forming on the US equity indices in case we are going to be seeing significant further downside.

I’m still somewhat doubtful about seeing that. November is one of the most historically bullish months of the year and based on the daily closes in the last 68 years there are just five trading days in November that have closed green less than 50% of the time, and those five are all slightly north of 49%.

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