Originally published on MPTrader.com
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.
Video Chart Analysis on Gold (Mike Paulenoff)
Originally published on MPTrader.com
Harry Boxer’s Charts of the Day
Originally published on TheTechTrader.com
Trap-Like Pattern in VIX (Mike Paulenoff)
We have to be impressed with the market's resiliency yesterday after hitting new recovery highs, because weakness thereafter has been very much contained, at least so far. That said, however, I am "concerned" about the "trap-like" pattern that has developed in the hourly Volatility Index (VIX). Let's notice that the VIX made multi-month lows this morning at 22.70, but has since climbed back above 23.20, which so far has "trapped" VIX bears (SPX bulls).
In the event the SPX rolls over into a deeper correction later this afternoon or in overnight trading, and the VIX climbs above 24.70/80, the VIX will have put in a powerful upside reversal immediately after violating a major Double Bottom June-July low. Such a scenario is all the more likely given the glaring downside failure of RSI momentum to confirm the multi-month low in the VIX. Let's watch this relationship closely in the upcoming hours.
Originally published on MPTrader.com
Chart on Shanghai (by Mike Paulenoff)
The Shanghai Composite Index closed higher for the seventh consecutive session, and more importantly from a technical perspective closed above its (now flat) 50 DMA for the first time since mid-April. The strength extends the July rally, which could be morphing into a technically significant key monthly upside reversal.
If the SH Comp hurdles and remains above the June high at 2598.33 at Friday's close, then the benchmark China equity index will register a potentially very powerful positive technical signal that should be associated with a near and possibly intermediate-term turn in trend. Such a signal could have meaningful positive implications for global growth, corporate profits, and equity prices.
Originally published on MPTrader.com
