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.

S&P 500 Index: Intraday Support & Resistance Levels

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The following 60 minute chart of the S&P 500 Index (SPX) shows intraday support and resistance levels at 2650 and 2700, respectively.

The momentum and relative volatility index technical indicators have plunged on today’s action, so far (as at 1:15 pm ET, Thursday April 19), and price has fallen back into the lower 1/4 of the uptrending Andrew’s Pitchfork channel…all of which are suggesting that the latest attempted rally that began on April 2 is pretty weak, but the pullbacks that have occurred since then have been tight and shallow.

However, the level of volatility and momentum in today’s intraday action may indicate that this may end soon and that today will mark a pivot point of some kind. Either we’ll see price break free of this tight trading action and spike to 2700, or we’ll see price plunge down to 2650, with a continued breakout in either direction. (more…)

US Major Indices: Just the Bare Facts

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THE BARE FACTS:

  1. Last night’s joint US/British/French military operation in Syria is over and no amount of arguments for/against it will change that fact.
  2. Prior to that and as at Friday’s close, the US Major Indices were still mired inside their respective consolidation zones near their 50-day MA, as shown on the following 1-year and 2-month daily charts.

SO, HOW WILL MARKETS REACT?

In the short term, watch for any 20 MA crossover (and hold) above the 50 MA on any market rally next week and beyond, as one signal of potential sustainable equity strength in the weeks ahead. (more…)

Friday the 13th Major Sector Winners & Losers

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With an input value of one day, the rate-of-change indicator shows which of the following 9 Major Sectors gained/lost the fastest in today’s action (2-month and 1-year daily charts below).

In this regard and in particular, watch for any continued strength in Energy (XLE) and any continued weakness in Financials (XLF) next week and beyond, which may equate to equity weakness, in general.

(more…)

Two Potential Scenarios for Bitcoin

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As shown on the daily chart below, Bitcoin has recently broken above several types of resistance, namely a downtrending Andrew’s Pitchfork channel, and two downtrend lines.

There are two potential scenarios for Bitcoin relative to the pitchfork channel:

  1. price spikes up to its 200% Fibonacci outer edge, which is currently around the 10000 level, or
  2. price drops back down to its 100% Fib channel edge, which is currently around 4000.

Keep an eye on the momentum indicator. It’s in the process of forming a higher swing high, hinting of further strength ahead, but we’d need to see a series of higher price swing highs and lows to suggest that its downtrend has reversed with any conviction. Otherwise, it may head towards 4000. (more…)