Never-before-seen lows in DBC:
Complete Commodity Catastrophe
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.
Dr. Copper Needs An Antidote
The following weekly chart of COPPER shows that its price has fluctuated wildly around the 2.47 level in an increasingly narrowing triangle formation since the end of the 2008 global financial crisis. At the moment it’s acting as major support and happens to coincide with the triangle apex. A drop and hold below this level could see a sharp downdraft in this commodity to around 2.20 (price support combined with the bottom of the triangle and a secondary volume bump), or lower.
Major overhead resistance sits at the confluence of the 50 & 200-month moving averages with the Volume Profile POC around 2.70. A spike and hold above this level could see price rise to around 2.99 (price resistance combined with the top of the triangle and a secondary volume bump), or higher.
(more…)Commodity Sector Failure
Money Flow Flip: SPX vs GOLD vs OIL
Further to my post of January 9, GOLD is poised to take the lead away from the SPX in terms of safe-haven money flow, while money has been fleeing OIL.
As shown on the following monthly comparison chart of the SPX, GOLD and OIL, the Balance of Power has shifted from buyers to sellers in the SPX on this timeframe.
For clues as to further weakness or strengthening of the SPX, please refer to my comments with respect the SPX:VIX ratio in my last post, which hints of further weakness. Furthermore, January’s candle formation on the SPX is a shooting star, also a bearish signal in the longer term.
(more…)SPX Outperforming Gold & Oil
Further to my post of January 5, the following provides an update on price action as of today’s (Thursday’s) close.
The following monthly chart shows the SPX, GOLD and OIL in comparison format, as well as their respective high, low and today’s closing price for January, so far.
The instrument currently facing the “path of least resistance” is the SPX. It shot through prior near-term resistance (now support) of 3233 and continues to rally.
(more…)SPX/Gold/Oil: Too Hot or Not?
I’ll simply summarize and provide the major resistance and support levels for the SPX, GOLD and OIL shown on the following monthly charts and you can judge for yourselves whether strength or weakness is in the cards in the near term.
(more…)