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.

Chart on Crude Oil (by Mike Paulenoff)

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My technicals keep warning me that crude oil hit a significant peak at $114.83 on May 2 and since then has embarked on a major correction that is only partially complete. In fact, all of the sideways, recovery action off of its May 6 corrective low at $94.63 represents a bearish rest-digestion period that should resolve itself to the downside in a plunge that projects to 90.00-86.00, and then to 80.00-78.00 thereafter. Only an upside reversal and climb above $104.00-$106.00 will neutralize my negative outlook.

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Originally published on MPTrader.com.

Chart on Cisco (Mike Paulenoff)

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Cisco (CSCO) is acting like it is building a base after a relentless corrective period. Let's notice that CSCO's early strength popped above its nearest-term resistance line and last week's rally peak at 16.51, on the way to this morning's recovery rally peak at 16.72.  Since then, however, CSCO has pulled back to 16.52 to retest the upside breakout level, which needs to contain the intraday weakness to preserve the bullish near-term pattern that has been carved out off of its May 25 low at 15.99.  The ability of CSCO to sustain 16.50, especially on a closing basis, will represent an important near-term sign that CSCO has established a significant year-long corrective low (15.99) and is in a base-building stage ahead of a climb to 18.00.

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Originally published on MPTrader.com.

JNJ in Bullish Consolidation (by Mike Paulenoff)

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In the aftermath of its powerful upleg from 57.50 (Mar 16) to 67.37 (May 12), Johnson & Johnson (NYSE: JNJ) has carved out a high-level, bullish consolidation pattern that is nearing completion ahead of the start of a new upleg that should propel prices to new highs projected to 70.00 initially. A climb that sustains above 66.59 will confirm the upside breakout, while a decline that breaks the prior pivot low at 65.28 will compromise the developing bullish pattern.

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Originally published on MPTrader.com.

Eye on UltraShort Treasury ETF (by Mike Paulenoff)

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My near and intermediate-term technical work on the 10-year yield is warning me that the correction in yield off of the Feb 9 high at 3.74% is nearing completion ahead of the initiation of a new, powerful upleg.

Let's notice that all of the action during the past two weeks has carved out a "falling wedge" formation within the lower portion of the larger, corrective pattern that has dominated the price action since early February.

The falling wedge formation usually represents a consolidation prior to one final price plunge that concludes the corrective period (in this case, from the Feb 9 high).

Right now, I am expecting one more bout of weakness that presses yield to 3.03% before its reverses to the upside in a big way. It is with the foregoing in mind that we are bullish the ProShares UltraShort 20+ Year Treasury ETF (TBT).

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Originally published on MPTrader.com.