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’s Shanghai Index Approaching Freefall

By -

I last wrote about China’s Shanghai Index in my post of June 19.

This index is in bear market territory and is headed toward its last (monthly) swing low of 2638.30, as shown on the following monthly chart of SSEC. A break of that level could see a swift drop to its next major support level of 2260, or lower.

Both the momentum (MOM) and rate-of-change (ROC) indicators are below the zero level and are accelerating to the downside on this timeframe. Watch to see if they make a new swing low below the one made in February 2016.

If so, this index could be headed for major problems, and the increasing trade war with the U.S. is not helping. (more…)

SPX Fibonacci Fan Resistance Levels/Targets

By -

Overlayed on each of the following two monthly charts of the S&P 500 Index (SPX) is a Fibonacci Speed Resistance Fan.

The first one is taken from the low of March 2009 to the high of May 2015, which preceded the last major pullback to first fanline support and prior to the recent minor one this past February. Based on this fan trajectory, the first major resistance level sits just above the last all-time high (of 2872.87) at 2900.

(more…)

The FAANGs: What I’m Watching

By -

Together, the 5 FAANG stocks + 5 tech stocks make up FNGU (an exchange traded note that tracks 3x the daily price movements of an index of US-listed technology and consumer discretionary companies…the index is highly concentrated and equally weighted).

The following 1-year and 2-month daily charts of these 10 stocks, FNGU, plus INTC, show price action relative to their 20 and 50-day MAs, as well as the Rate-of-change (ROC) technical indicator.

Ten out of twelve of them have broken their uptrends, some more recent than others, while others have been mired in sideways consolidation zones for months. “Shock drops,” together with high volumes and accelerating ROC, occurred last week on FB, TWTR, INTC and FNGU, while NFLX experienced those on July 17 and is attempting to stabilize. (more…)

10th Year U.S. Bull Market Run vs. ‘Summer Swoon’

By -

Further to my post of March 10, we may be seeing the beginnings of a 10th year bull run, inasmuch as volatility of the SPX, NDX, and RUT has been attempting to stabilize recently.

However, this attempt is not yet a slam dunk. As noted on the following daily ratio charts of the SPX:VIX, NDX:VXN, and RUT:RVX, I’m still waiting for:

SPX:VIX ratio: a bullish crossover of the 50 MA above the 200 MA to form a Golden Cross

NDX:VXN ratio:  a bullish crossover of the PMO technical indicator

RUT:RVX ratio: a bullish crossover of the PMO technical indicator

All other technical indicators must continue to hold their present bullish formations, and price needs to hold above their respective major support levels, namely: (more…)