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.

Forming The Bull Flag

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Apologies for the lack of updates this week. I’ve been reorganising my office which has been time-consuming though very satisfying. The video below is the full premarket video that I do every morning at for subscribers and there are quite a few charts at very interesting stages, most definitely including SPX/ES here.

When I was showing the SPX 15min chart in the video I was saying that ideally there would be an early rally today into the mid-2880s to test bull flag megaphone resistance, before a reversal back down towards bull flag megaphone support, now in the 2858 area. That trendline is declining at about 7.5 handles per day so will likely be in the 2854 area by the end of the session.

Full Premarket Video from theartofchart.net – Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:

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One Month Closes And Another One Opens

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SPX has made a possible short term high a couple of days ago, but needs to show us more on Tuesday than a retracement to test obvious support at the 50 hour MA, currently in the 2890 area. If that can be broken, and the open gap below it filled, then there is a decent shot here at seeing a retracement into rising support from the late June low, currently in the 2840 area, to confirm the rising wedge from there within the overall rising channel from the overall rising channel from the early May low.

This is the equity index section of my premarket video for this morning which talks more about the evolving setup here. Partial Premarket Video from theartofchart.net – Update on ES, NQ:

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Be Here Now

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COMPLETELY unrelated remark by Tim – – I never thought I’d be able to say this, but sales of my new book this weekend exceeded the worldwide gross of Kevin Spacey’s new movie. 

That was an unsatisfyingly fast low last week with none of the usual bottoming signals, but it was a higher low against the early August low, and the break under the daily middle band on Wednesday was firmly rejected on Thursday and confirmed on Friday, with a decent quality bull flag channel on ES breaking up on Friday, so that flag has a minimum target at a retest of the previous high at 2863.43 SPX, and that puts SPX within easy striking distance of the all time high at 2872.87.

Main support on SPX is at the daily middle band now at 2835, supported by the 50 hour MA now at 2837, and the new ES weekly pivot at 2837.

Full Premarket Video from theartofchart.net – Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD: (more…)

The Wheels On The Bus Go Round and Round

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An unsettled open on ES last night with more rumblings from Turkey and lower lows on ES and NQ. I was asked before the open whether I thought there was a serious risk of the wheels coming off on SPX with a 5% or so retracement directly from here, and I replied that I thought that the risk was low, though possible as always.

There are four important support levels below, all shown on the SPX 60min chart. The first is the short term rising wedge support trendline at Friday’s low, supported by the daily middle band. As long as that holds the obvious next target is wedge resistance in the 2870 area. If that should break then there is strong established support in the 2800 area, which would also be the 38.2% retracement of the rising wedge. If 2800 was to break that could be a significant bearish break, but there would still be main channel support, currently in the 2765 area.

On the upside resistance is at the the ES weekly pivot at 2842 and the 50 hour MA on SPX, currently at 2845 and resistance so far both on Friday and today, then the open gap from 2853.58 that would need to be filled. After that the way would be clear for SPX to head back to short term wedge resistance and a likely test of the all time high at 2872.87. (more…)