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.

Newmont Mining on the Move (Mike Paulenoff)

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The form exhibited by the decline in Newmont Mining (NYSE: NEM) from its September 22 high at 65.50 into Monday's low at 57.31 has the right look of a completed correction into the area of the sharply rising 200-day moving average (57.18) amidst a glaring positive momentum (RSI) divergence.

This technical combination represents critical support that so far has provided a launch pad from where the price structure can pivot strongly to the upside. As long as last week's low remains intact at 57.31, this should be the start of a new upleg within an intermediate-term bull trend.

Next upside targets: 59.50/60, and then 60.50-61.00.

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Originally published on MPTrader.com.

SDS-SPY Chart Analysis (by Mike Paulenoff)

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The e-mini S&P 500 is approaching key support at 1171.00, and the S&P 500 Depository Receipts (SPY) is approaching key support at 118.00-117.60. So why aren't I positioning myself long the UltraShort SPY (SDS)?

The developing pattern in the SDS is starting to take the shape of a 4-week base-like formation that could propel prices considerably higher — if the SDS can hurdle and sustain above key resistance between 27.66 and 27.91. Such a move will trigger upside targets of 28.50, and then 29.50.

That said, the underlying SPY must break and sustain beneath key support at 118.00-117.60 to trigger a significant sell signal that corresponds to an upside breakout in the SDS. Otherwise, all of the action off of the 11/05-11/09 lows at 25.39/35 represents a countertrend move within the dominant (down) trend, which when complete will resolve in a downside continuation into new low territory.

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Originally published on MPTrader.com.