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.
Weakness in Apple (by Mike Paulenoff)
Today's sudden weakness in Apple (AAPL) that has pressed the stock from 547.48 to 526.00 has inflicted damage to the nearest-term uptrend off of the Jan 25 low at 419.00, which cuts across the price axis today in the vicinity of 533.40.
Let's notice that the weakness violated the trendline, but has since climbed back above it. Today's close in relation to the trendline will be very important technically. In addition, we cannot help but notice the very negative juxtaposition of my 4-hour RSI gauge with the price pattern, which continues to warn me that at just about any moment AAPL could roll over into a sustained plunge that revisits the prior corrective low at 488.50 on Feb 10.
Chart Analysis of SLW & GLD (by Mike Paulenoff)
The pattern in Silver Wheaton (SLW that emerges off of last April's peak at 47.60 argues strongly that a complex intermediate-term correction ended at the Oct 4 low of 25.84, a decline of 46%. That was followed by a powerful new up-leg that within the past week has hurdled key resistance at 37.35/40.
From a pattern perspective, we can make the case that the current up-leg off of the Dec 29 low at 26.85 represents the "right side" of a big "W" — or Double Bottom formation that was putting intense upward pressure on 37.35/40 on the way to my next optimal target zone of 42.30/60 and then to 44.00/30.
At this juncture, only a decline that breaks back beneath the Apr-Feb resistance line at 38.16 will compromise the current upside breakout and thrust towards 42.50.
Looking at gold, the SPDR Gold Shares (GLD) is heading for a confrontation with its prior significant rally peak at 175.46 (from Nov 8), which if hurdled and sustained should trigger upside follow-through to 182.75-183 relatively quickly.
Only a decline that breaks 171.50 will compromise the current upside acceleration phase.
Originally published on MPTrader.com.
Harry Boxer’s Charts of the Day
Originally published on TheTechTrader.com.
VECO Looking Higher (by Mike Paulenoff)
In early February, VECO Instruments (VECO) broke above its two-month resistance plateau at 26.40/60, which triggered an intermediate-term upside target zone in the vicinity of 32.00. This "requires" the price structure to climb above its moderately declining exponential 200 DMA, and likely confront its more sharply declining nominal 200 DMA.
The powerful base-like pattern that has developed since the Oct 4 low exhibits the time-span and accumulation properties necessary to propel VECO considerably higher from current levels.
