I did a post suggesting Bitcoin as a buy when it was about $3800. A few weeks ago, I suggested the price may have peaked due to it hitting a Fibonacci retracement. Well, the “animal spirits” unleashed the past month have been felt most strongly with crypto, and it blew right past it……..to the NEXT Fibonacci level! So I’d like to suggest, once again, maybe we’re peaking. I wouldn’t dare short it, but I think we won’t get past $11,500 or so.
(more…)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.
Welcome, Green!
OK, this feels different.
- I’m excited to see equities up strong;
- I welcome to conciliatory tone of the Chinese, which is creating the fabled trade talk optimism this market needs;
- I am so glad to have lightened up!
In any case, this is true progress, and I want to stress how a “chart-friendly” market definitely goes BOTH ways.
Crude Lines
I hardly ever use Fibonacci retracements on my charts, and Fibonacci arcs even less. For the crude oil continuous contract, however, I use both.
Fan Line Rest
Alphabet (AKA Google) has had a rough three days, falling each day since its earnings came out on Monday. I noticed something interesting, however. Thursday’s low came precisely at the Fibonacci fan line.
Headwind of Fib Resistance Versus Tailwind of Fed-Speak: Which Will Win Out This Week?
In last weekend’s article, we focused on the relentlessly advancing S&P 500 (SPX) from its December 26 low at 2346.58 into an important Fibonacci price and time resistance zone at 2713.70 on January 31.
The 2713.70 level represented a 62% SPX recovery of the entire September-December decline, while January 31 represented day number 89 since the September 2018 all-time high, and the day that the December-January recovery rally time period equaled 38% of the overarching total timeframe from the September high.
We discussed the likelihood that the confluence of such meaningful Fibonacci price and time relationships could and should stall or reverse the relentless SPX six-week advance, and as such, would be a yellow caution flag for the bulls. (more…)
No Fibbing
The market was all over the placed today, and I noticed on my /ES chart a horizontal line that seemed to have significance. I was so occupied today I didn’t bother trying to figure what it was while the market was open, but it bounced off it (green tint), fell hard once it slipped beneath it (cyan tint) and then went zipping back up to it right up to the close (magenta tint).
Time for a Pause in AAPL? (by Moneymiser21)
Just as the Super Bowl was a dud to watch (sorry Patriots fans, that game was terrible), this upcoming week may bring a dud for bulls in Apple ($AAPL).
