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.

Taking Stock Here

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Last week I was looking at support that needed to be broken at the SPX daily middle band to open further downside and obviously SPX did that and could be at or close to the wave A low here, looking then for a B wave rally, and then a C wave down into the next low window and to complete the current move. On Sunday’s free public Chart Chat I was talking about a possible H&S target in the 2840 area which was reached at the lows this morning. If you missed Sunday’s Chart Chat or would like to see that again, that is posted on our May Free Webinars page.

We hold a subscriber only webinar every month at which we answer any questions attendees have, and review important markets in response to those questions, and we are holding one tonight at which, this time only, all are welcome. So if you’d like to see that you can register for that on our May Free Webinars page or you can register to attend using this direct link.

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Important Support Breaks

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Since my post a week ago SPX has retested the all time high as expected and made a marginal higher high, the rising wedge from the December low has broken down, the second daily RSI 5 sell signal since the December low has fixed, the first having played out into the March low, SPX has broken important short term trend support at the 50 hour MA for the first time since March, and backtested that as resistance, and also broken the weekly pivot at 2925.

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The SPX All Time High Retest

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At the end of every year Stan and I do a public webinar where we look at the more likely options for price moves on indices, bonds, forex, metals, energies and other commodities over the coming year. At the one we recorded on 30th December 2018 we were asked a question as to what could invalidate the scenario that SPX was in an ongoing bear market and I gave the reply below talking about the important resistance at the monthly middle band in an ongoing market.

Excerpt from 2019 Outlook public webinar recorded 30th December 2018 looking at the SPX monthly middle band in bear markets. :

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Topping Is A Process

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In my premarket video this morning I was looking at key support and resistance to define what we were likely to see on SPX this week. Resistance I put at the new weekly pivot at 2907.7. ES was opening the week below this and if that held as resistance, then this swing high might be behind us. That has not held as resistance, ES is back above it, at 2910 at the time of writing, and WP is currently holding as support. This opens a very possible retest of the 2019 high and likely at least marginal higher high above that.

ES Jun 60min:

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