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 SLV (Mike Paulenoff)

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Since yesterday morning's pivot low at 24.44, right off of the Aug-Nov up trendline, the iShares Silver Trust (NYSE: SLV) has climbed to 25.33 (+3.6% so far), in what looks like the initiation of either of two scenarios. One would be a recovery or intervening upleg within a larger corrective, or digestion, period. The other would be the start of a new bull leg within the ongoing bull phase that will propel the SLV to new highs well above 28.72.

In either scenario, yesterday's pivot low at 24.44 ended a 15% corrective leg and started a rally phase that has a minimum upside target zone of 25.90-26.20 in the hours/days ahead."

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Originally published on MPTrader.com.

Chart on SDS (Mike Paulenoff)

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The interesting aspect to the enclosed 15 minute chart of the ProShares UltraShort S&P 500 ETF (NYSE: SDS) is that off of the recent double bottom lows at 25.35/36, the SDS rallies have undergone very "disciplined" pullbacks that have preserved the prior near-term breakout levels. Those levels, which are prior resistance and now support, are at 25.70/80 and then 26.30/20.

This is the sign of a move that is developing directional strength and confidence. At this juncture, the series of higher-highs, and higher-lows during the past few days remains the dominant feature of the extreme near-term price action. As long as the profile remains intact, the SDS pattern deserves the benefit of the doubt on the upside. However, a sustained break of 26.15 will put the developing SDS uptrend into doubt.

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Originally published on MPTrader.com.

Chart on Apple (Mike Paulenoff)

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The action in Apple (AAPL) from Tuesday's all-time high at 321.30 into yesterday's low at 313.55 — followed by today's probe of 314.25, prior to the current climb to 317.50-318.00 — has the look and the feel either of a sideways, high-level, bullish congestion area, or a completed minor correction within a still-dominant upleg off of the Oct 29 pivot low at 300.87.

Both of these scenarios project another upleg into new high territory that points to a target zone of 329-331. Only a break beneath yesterday's low at 313.55 will compromise the immediacy of the timing of an anticipated upside thrust.AAPL will have to violate 300 to significantly weaken its August-November uptrend.

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Originally published on MPTrader.com.

BAC Rallying in Sync with TBT? (Mike Paulenoff)

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The enclosed comparison chart supports my sense that the banks in general, and Bank of America (BAC) in particular, are sensitive to the recent shift in the shape of the yield curve. In a loose sort of way, the patterns between the ProShares UltraShort 20+ Year Treasury (TBT) and BAC exhibit some pattern similarity. Certainly, the April-August downtrends paralleled closely, which represented a relentless decline in longer-term interest rates (TBT) concurrent with the declining price of BAC.

Since mid-August, the TBT has carved out a 3-month bottom pattern that appears to be breaking out to the upside, reflecting a climb in longer-term interest rates. For the past three weeks, BAC has rallied sharply, perhaps in reaction to better business propects for BAC implied by a steepening yield curve. To really get some upside traction, BAC needs to hurdle and sustain above 13.00/05.

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Originally published on MPTrader.com.