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.
Further to my post of June 29, the jaw of the William’s Alligator has shut and two of the three moving averages (each offset into the future) have re-crossed and turned up, as shown on the following SPX daily chart.
As well, the Awesome Oscillator has flipped above the zero level.
Both of these are hinting that further buying may be in store…I’d need to see the third moving average turn up to confirm potential strength.
However, the Balance of Power is still with the sellers, albeit somewhat tepid, so, unless we see this flip to the buyers on this timeframe, we may be in for a bit more weakness before we see sustained buying resume.
Further to my post of June 21 with respect to the SPX, I’d just mention that the three moving averages (each offset into the future) forming the Williams Alligator on its counterpart S&P 500 E-mini Futures Index (ES) have all crossed to the downside, as shown on the following daily chart.
As well, the Awesome Oscillator has just turned negative in Sunday’s overnight trading.
Both of these are signalling potential further weakness ahead.
The Twitter app has been knocked off its Number 1 perch, as free speech social media platform Parler has risen to the top to take its place…(many Twitter users are switching to Parler for their town-square style free discussion).
Further to my post of June 15, the SPX pushed above 3080.20 to reach a high of 3155.53 on Friday, as shown on the daily chart below.
I’ve shown two Fibonacci Extensions (one taken from the March low and the other taken from the June low), as well as an Andrew’s Pitchfork (taken from the March low), and a Williams Alligator (formed by three moving averages, each offset into the future).
There are two areas of price confluence zones (targets) above the current price. The first is a minor confluence zone around the 3250 level (where two of the Fib Extension levels converge). The second is a major confluence zone around 3350 (where two of the Fib Extension levels converge with the bottom of the Andrew’s Pitchfork channel).
As of today’s close, the S&P 500 Index (SPX) is currently in the ‘jaws of the alligator’ — Williams Alligator, to be precise, which is formed by three moving averages, each offset into the future — as shown on the following daily chart.
All three moving averages are curling down and the upper one has just crossed below the middle one…hinting of further weakness ahead. Today’s low touched the lower MA, which roughly converges with the 23.6% Fibonacci retracement level. A break and hold below today’s low of 2964.40, together with the crossing of the middle MA below the lower MA, could send the price down to the next Fibonacci retracement level (40%) at 2835, or even the 50% level at 2712.