Slope of Hope Blog Posts
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The monthly chart below of the South Korea ETF (EWY) shows January’s breakout to new all-time highs, followed by a brief pullback and rally back to close above its prior record high of 75.05 in March (now near-term support). Price is cautiously extending these gains, so far this month, while experiencing quite a bit of whipsaw movement on a daily basis.
It’s also sitting just above the bottom of a long-term uptrending Andrew’s Pitchfork channel around the 70.00 level (major support). Its next major support level is around 60.00 on this timeframe.
Both the momentum and rate-of-change indicators have been waning since last October, but remain above zero. A drop and hold below zero, as well as price drop below 70.00, could see price retest 60.00, or lower. (more…)
Not much has changed with respect to price action since I wrote my last post about Canada’s TSX Index, as shown on the following monthly chart. It’s still dangling precariously outside of its long-term upward trending triangle formation, after dropping 7.22% from its record high set on January 4th. The momentum indicator is in downtrend, but remains above the zero level.
China’s Shanghai Index remains firmly ensconced in a large sideways consolidation zone in between major resistance at 3368 and major support at 3000, as shown on the following monthly, weekly and daily charts.
The momentum indicator is below zero on the monthly and weekly timeframes, and is just above it on the daily. In the short term, watch for a hold above zero on any rally that may continue from tonight’s action following on from President Xi’s speech to the BOAO Forum for Asia which finished a short time ago.
I wonder if North Korea and China’s real plan for unification will, ultimately, see NOKO become another Province in China (while retaining its nuclear program) as an alternative to its alleged wish for a denuclearized unified Korean peninsula, with Kim Jong Un at its helm?
Just a thought.
And, instead of telling me that such a scenario would never happen, how about describing how it could?
I last wrote about the Russian Index in my post of September 8, 2017.
Since then, it has broken above one downtrend line, popped above its major resistance level of 1200, spiked briefly above its next major downtrend line, only to fall back below, as shown on the following monthly chart.
Momentum is rising tepidly and is above the zero level.
If this index can remain above 1200, while maintaining momentum above zero, we may see a second (possibly successful) trend line breakout attempt. However, I’d like to see a higher swing high made above the December 2016 swing high on momentum to confirm any sustainable rally. Otherwise, a drop and hold below 1200 will likely see a retest of 1080, or lower. (more…)
Italy’s FTSE MIB Index still remains more than 60% below its record high reached pre-2007 financial crisis, as shown on the monthly chart below.
It’s facing major overhead resistance with the convergence of a triple top price formation, 40% Fibonacci retracement level, and the lower edge of its original uptrending channel around 24,568, which is still a long way above its current price, but which may act as a depressant and contribute to volatile swings until it eventually retests that level and either breaks and holds above, or is rejected.