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.

A Fistful Of Flags

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I was mentioning on Monday that the declines on DAX & Nikkei this week looked very interesting and I’ll show you why that was after I go through the short term setup on US equity indices.

I’m looking at those on the 5min charts today as the pattern setups are clearest there, and there is a strong common theme of bear flags forming on those charts.

First on SPX where the rally from Monday’s low has retraced a little under 50% of the decline, there is no obvious reversal pattern to take SPX higher, and the move so far looks very much like a bear flag is forming.

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The Badgers Are Angry

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I’m leaving theartofchart.net today, my main base for almost nine years now, and setting up a new site at chartingthemarkets.substack.com though I seem to have unintentionally picked a really wild day to do that, so this is my second post today to cover the setup here on equity indices as well as my previous post today on crypto.

Why am I leaving theartofchart.net? Well many reasons really, but I’ve told a few people over the years that a collaboration between chartists might be reasonably compared to musicians forming a band. There comes a time when it is just time to move on, and I want to expand on my premarket videos and deepen my work and involvement with cryptos which it will now be easier to do.

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Stolen Thunder on Solana

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I was laying out a possible bearish scenario on SOLUSD (Solana) on Thursday morning. It wasn’t my main scenario but I was saying that on a break under support at 165, it might well deliver. I was planning to write about that in a post this morning as something we would likely see this week. Annoyingly however, I see that my downside target was reached this morning, so I am regretting not writing the post on Saturday. You can see that premarket webinar from Thursday 1st Aug here, and I start talking about crypto at 06.26.

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Solana Breaking Towards 2024 High

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I called a possible swing low on cryptos on 5th July, and that’s been progressing as expected so far, and BTCUSD (Bitcoin) is now getting very close to bull flag resistance.

Bear flag resistance on Bitcoin is in the 70,600 area, and that is now getting very close. If that breaks then the flag target will be a retest of the all time high at 73.8k. Bitcoin has come off the daily upper band ride, and I am wondering about a possible backtest into the daily middle band, now in the 64,444 area, supported by the monthly pivot at 64,358, and with the 50dma not far below now at 63,371.

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The H&S on NDX

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On the last big move up on equities the main and, almost only, driver was Tech. That has ended for the time being and, since it ended, Tech has been leading the way down. For that reason I have mainly been looking at NDX for signs that this retracement might go lower.

In my premarket videos at theartofchart.net on Friday and Monday and Tuesday this week I was talking about the possibility that an H&S might form on NDX and NQ at the obvious big support level at the possible H&S neckline close to the monthly pivot. Support was found there and since then a decent looking right shoulder for that H&S has been forming. I gave the ideal right shoulder high in the 20,000 area, and NDX reached 19904.50, which is close enough for a decent looking pattern. This morning that H&S on NDX broke down with a target in the 18250 area.

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