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.

China and Australia Indices: An Abnormal Divergence

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As can be seen on the following monthly comparison chart of China’s Shanghai Index (SSEC) and the Australian 200 Futures Index (AUS200), their price swings began to markedly and, abnormally, diverge from December 2017 to present day.

While the AUS200 continued to make new swing highs, the SSEC failed to do so.

The AUS200 has plummeted and has now made a new swing low, while the SSEC has not…yet.

We’ll see if this significant weakness in the AUS200 is a harbinger of much further weakness to come in the SSEC in the next few days/weeks.

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A “Grand Evolution” May Be Just Around The Corner

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IN THE GRAND SCHEME OF THINGS

In the grand scheme of things, consider the area above current price on the following 50-year (monthly) chart of the SPX as the top of an iceberg…and the area below as its foundation beneath the surface of an ocean.

There is a fundamentally-solid foundation of (economic) support below the surface to keep the U.S. economy afloat in these turbulent times.

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SPX Targets: Rally to 2750 or Catastrophic Selloff?

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Should the SPX rally on Tuesday and beyond, the potential Fibonacci retracement targets taken from February’s high to Monday’s low are shown on the following monthly chart.

A drop and hold below the low could spark a catastrophic selloff to longer-term Fib retracement levels at 2030, or even 1700.

Note that there is a convergence zone of Fib levels and a trendline apex from 2650 to 2790, say 2750ish, making it an attractive eventual target for buyers in this extremely large 1200-point trading range.

One “Green Shoot” In U.S. Markets

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There is one “green shoot” in U.S. markets as of Friday’s close.

The following heatmap shows the percentages of stocks within the Sectors and Major US Indices that are currently trading above a variety of moving averages.

The one “green shoot” is the percentage of stocks in the Energy Sector now trading above their 5-day MA…a refreshing change in a constant sea of red for the past weeks. The heatmap shown in my post of February 29 was completely devoid of any green.

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S&P 500 Index Daily, Weekly & Monthly Pivot Points

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Further to my last post, the following pivot point calculations and charts are provided to illustrate a variety of support and resistance levels for three timeframes, namely dailyweekly and monthly, for the S&P 500 Index (SPX).

For a detailed explanation of pivot points, feel free to check out John Person’s website at this link (the creator of this pivot calculator) and use his calculator for your own purposes. Just input the respective candle’s high, low and close values to the second decimal point and press “submit.”

Generally speaking, it uses the prior day’s, week’s, or month’s high, low and close to calculate the following day’s, week’s, or month’s Pivot Point (PP) and its resistance values above and its support values below. Price action above the PP is considered bullish, and below, it’s bearish.

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