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 GLD (Mike Paulenoff)

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So far today, the weakness in the SPDR Gold Shares (NYSE: GLD) has not inflicted significant technical damage to the Aug-Sept uptrend. To do that, the GLD must break back beneath today's low at 126.61– and follow through to violate the prior significant pivot low at 125.58.

A breach of 125.58 will inflict meaningful damage to the dominant uptrend, which should trigger additional selling pressure that drives the GLD to test and likely break its Aug-Sept up trendline, now at 124.80 within a developing correction of the the two month, 12% advance. Barring a break of today's initial low intraday low at 126.61, however, the bulls will remain in directional control.

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Originally published on MPTrader.com.

Charts of the Week – Financials (by Mike Paulenoff)

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One sector to watch in a bullish scenario is the financials, which have lagged in this rally and are due to play catch up. Leading the way has been the Technology Select Sector SPDR (XLK), up 13% from 20.50 to 23.12 in recent weeks. It may be a little extended at the moment for a long trade, while the Financial Select Sector SDPR (XLF) is up just 9.8%. The XLF has huge resistance at 15.00-15.06, but if it can manage to take that out, the financial ETF should accelerate.

Within the financials, Bank of America (BAC) has a lot of potential upside into the 15.20 area if it can claw its way above 14.00/05 from Friday close at 13.60. Conversely, a break below Friday’s low of 13.30 will weaken the pattern, while Thursday’s low of 13.12 would be a sell signal.

JP Morgan (JPM) looks even better than Bank of America, but it has major resistance at 41.20-41.70. If it gets through that 41.70 level, you could make the case it has completed a major W pattern, otherwise known as a double-bottom. With the double bottom at around 35.50, a measured upside follow-through projects to a maximum target of 48.



Originally published on MPTrader.com.

Apple Chart Analysis (Mike Paulenoff)

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(Note from Tim: until AAPL falls, the bears are going to be banging their heads against the wall. It's as simple as that. Oh, by the way, Zuck is richer than Jobs now. How about that?)

With Apple (AAPL) at $292 or so, many are wondering how much higher it can go from here. Purely from a technical perspective, both the measured upmove off of the July-Sep base formation and the Aug-Sep bullish price channel point to 295.00, with overshoot to 298.00-300.00.

Can Apple climb still higher? Sure it can, but the technical work is warning us that we have reasons to suspect that the next 1% to 3% will represent the final upticks of the current advance prior to a meaningful correction.

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Originally published on MPTrader.com.