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 Silver, Gold & EUR/USD (by Mike Paulenoff)

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Silver in the pre-market today climbed to new bull market highs at $34.52, while gold prices popped above a key 11-week resistance line off of its Dec 7 high at $1,431.70. 

This bodes well for higher prices that propel gold — and the SPDR Gold Share (GLD) — to new highs in the upcoming hours/days.  Meanwhile, silver and the iShares Silver Trust ETF (SLV) point towards upside continuation towards a confrontation with the upper trendline of its multi-month up-slanted price channel, now at $35.30 in spot silver. Only a decline that breaks $32.40/30 will begin to compromise the near term bullish scenario.

Also shown on the chart is the euro/dollar, which, although perched right off of its recent high at 1.3860, acts tired technically.  However, it otherwise remains the beneficiary of a relatively weak U.S. dollar and strong German fundamentals, and  barring a break of 1.3710, the uptrend should remain intact and head for 1.4000 next. 

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Originally published on MPTrader.com.

Relative Strength for RIMM (Mike Paulenoff)

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Research in Motion (RIMM) exhibits relative strength today despite overall market weakness. Let's take a fresh look at its big picture chart pattern.

From a relatively near-term pattern perspective, RIMM hurdled key 8-month resistance at 62.70-63.30 in early Feb and followed through to its Feb 18 high at 70.54. Since then, RIMM has pulled back about 8.5% right to the top of the prior resistance plateau — which is now important and substantial support.

The current pullback should represent a retest of that upside breakout point prior to the emergence of another upleg. RIMM should then head higher to fulfill the upside potential implied by the huge base formation that has developed since Sep 2008.

With such a powerful underlying pattern, it remains to be seen how RIMM behaves amidst otherwise "soft" overall market conditions. So far today, RIMM exhibits impressive relative strength, while both the SPX and NDX continue to weaken off of last week's highs.

 

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Originally published on MPTrader.com.

Oil’s Explosive Move – Chart by Mike Paulenoff

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Crude oil's upside pivot reversal off of last week's low at $83.85 has morphed into a powerful spike that has climbed above the prior high of $92.84 to a new, post-Dec 2008 high at $99.94 today.

The explosive upmove has blown through key resistance at $90.15 — the 50% resistance plateau of the huge $114.87/bbl bear market from July 2007 to Dec 2008. It has hurdled key multi-week resistance at $92.30/90 into what looks like a vicious new upleg that could be heading for a confrontation with the upper channel resistance line, now up near $110.50 to $113.00.

At this juncture, only a major downside reversal that breaks and sustains beneath $92.00 will begin to compromise the developing vertical surge in oil prices.

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Originally published on MPTrader.com.

Chart on GM, Ford (Mike Paulenoff)

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General Motors (GM) and Ford (F) present very different near-term chart structures, with GM exhibiting a more constructive near term pattern than Ford. Nonetheless, both names are in different phases of recovery rallies off of their early February lows.

Reviewing the 60-minute comparison chart on both, we see that Ford's Jan double-top at 18.97 and 18.88 ended the upleg off of the June 29 low at 9.75. Ford has come off the Feb 3 low at 15.10 and is flagging in the mid-15 range.

GM is in a bullish triangle formation, having come off the Feb 3 low at 35.13, which ended the correction off the Jan 6 high at 39.48. Our targets are 38 and then 38.60.

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Originally published on MPTrader.com.