Originally published on TheTechTrader.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.
Gold & Silver Chart Analysis (by Mike Paulenoff)
A mixed bag in the metals sector today, which bears close watching for the iShares Silver Trust (SLV), Silver Wheaton (SLW), the SPDR Gold Shares (GLD), and Freeport-McMoRan Copper & Gold (FCX).
The SLV is pushing up towards a challenge of its Jan high at $30.44, although for the first time since the pivot low on Jan 25, the SLV is not leading the charge today. Instead, SLW is out front. The change in profile is bothersome to me, as the SLV needs to retake the leadership role.
While this bears watching, let's also notice that SLW has hurdled its Dec-Feb resistance line (36.25/30 area), which could represent a potentially potent upside breakout if the stock can close above 36.30.
The GLD gapped, up too, but is not as strong as the SLV, and has the look of near-term exhaustion ahead of a pullback. FCX smacked into its Jan-Feb resistance line at 56.50, and has since reversed to the downside in what looks like the end of an initial upmove off of its Jan-Feb lows at 52.30/76.
What is bothersome about FCX is what appears to be a significant downside reversal in copper prices today from multi-year highs, despite the strength in gold and silver. Increasingly, the fortunes of FCX appears to be attached to copper rather than gold, which must be watched closely in the days ahead.
Originally published on MPTrader.com.
Upmove for U.S. Steel
The correction in U.S. Steel (NYSE: X) from the Feb 4 high at 61.40 likely ended at last Thursday's low of 56.35, and a new upmove has emerged within the larger upleg off of the October low at 39.78. In addition, we can still view the past 10 months as a large, double-bottom pattern that broke out to the upside above 52.00 in December and still points to 65.00 to fulfill its optimal upside target. If my work proves correct, then X is heading immediately to challenge its Jan-Feb prior highs at 61.18-61.40, where I will be interested to see how it behaves.
Originally published on MPTrader.com.
Significant Low for Latin American ETFs (Paulenoff)
The enclosed comparison chart shows several Latin American ETFs. Let's notice that the iShares MSCI Mexico Index Fund (NYSE: EWW) chart shows a high-level bullish consolidation pattern developing. My near-term work indicates the EWW put in a significant low coordinate this morning at 60.15 within the coil, on the way to revisit the top of the pattern at 62.50-63.00 next.
Just beneath EWW on the chart is the iShares S&P Latin America 40 Index (NYSE: ILF), a broader Latin American ETF. My work indicates the ILF has ended a complex 3-month correction from its 54.87 to today's low at 50.11, where it has pivoted sharply to the upside off of both its sharply rising 200 EMA and its 9-month up trendline.
If today's low and upside reversal is as significant as my technical work indicates, then the ILF is in the very early stages of a new upleg within its longer term bull market.
Originally published on MPTrader.com.
Powerful Upmove Expected in ANR (by Mike Paulenoff)
There are couple ways we can look at the intermediate-term chart pattern of Alpha Natural Resources (NYSE: ANR), a coal-sector play. One is as a large cup and handle pattern, where the upmove off of the handle starting at the June 2008 pivot low at 32.30 into the Jan 12, 2011 high of 68.05 represents an incomplete advance that still "needs" another leg to the upside that should test and hurdle 68.05 into the 72.00-75.00 target zone.
Alternatively, we can view the big picture of ANR as a large base formation that broke above its 2-year "neckline" at 52.50-55.50 at the end of the Dec 2010, which triggered a time non-specific target zone of 80.00-85.00.
The initial thrust off the neckline hit a high of 68.05 on Jan 12, after which, in classic technical form, ANR reversed and returned to test the neckline support zone (52.50-55.50), which so far contained recent selling pressure twice in January (at 52.80 and 53.07).
The upmove from Monday's low at 53.07 into today's high at 57.09 (so far) has the right look of the start of a new upleg off of the "Double Bottom" test of the neckline in late January. If my analysis proves correct, then ANR should accelerate to the upside with power in the upcoming hours and days.
Originally published on MPTrader.com.
