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.

Breakout Opportunity Here

By -

The bulls delivered a strong rally yesterday and there is actually a decent looking setup for a break up here that might well then deliver a fast retest of the all time highs on SPX. A daily RSI 5 buy signal fixed on NDX at the end of last week, which I wasn’t taking particularly seriously in the absence of a confirming signal on SPX, but at the close yesterday a daily RSI 5 buy signal also fixed on SPX. Both signals could deliver a sharp push up here through some key resistance levels.

On the SPX chart very strong resistance is in the 4500 area, with the SPX daily middle band currently at 4498.

(more…)

Now The Support Test

By -

On Friday morning I was looking at the short term bull and bear options on SPX and at support and resistance levels being tested. The main resistance level was of course the weekly middle band, now at 4518 and with the SPX close on Friday at 4488, just above support at the daily middle band, there was a complete failure to break back up over that resistance.

SPX weekly chart:

(more…)

Looking For A Backtest

By -

I was looking at resistance at the weekly middle band in my post on Tuesday, and SPX has broken up through that convincingly, though SPX still needs to close the week significantly above the weekly middle band, currently at 4531 to fix that resistance break. If seen SPX will then need to close next week above the break to confirm it.

I was also saying that a break on SPX over the H&S right shoulder high at 4595.31 would fail the H&S and fix a target at a retest of the all time high at 4818.62, and that has now definitely broken, so that is a very significant bullish break.

(more…)

S&P Retesting Main Resistance

By -

My apologies for the long wait between posts. I went out with some friends for the first time in two years on the first weekend in March and caught COVID, which has taken a while to clear. That wasn’t too bad and I’m clear now though I’m still feeling low on energy. Hopefully that will pass soon too.

I did post one of my premarket videos at theartofchart.net on my personal twitter on 16th March looking at the very large amount of bullish pressure underneath the market and wondering whether we would see a strong rally and we have since seen that strong rally, which has taken SPX back to main resistance at the weekly middle band. So what now?

(more…)