I offer below a quartet of important index charts, each of which has a price gap well worth watching (the gap itself is shown in the black rectangle within each chart). Interestingly (almost to the point of impossibility), the last one, the broker/dealer index, isn’t even a gap I drew. It is instead a Fibonacci retracement line, which nailed the price gap literally to an accuracy of one penny.(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.
Last week was interesting, because for the first time in over a decade, the market actually responded logically to economic data. In other words, bad economic news hit on Tuesday morning, and blammo, the market fell hard.
The good sense didn’t last, of course, and from Thursday morning until Friday’s close, the market roared almost 1,000 points higher on the Dow, and about 100 points higher on the ES, based on……….nothing:(more…)
And contrarianism wins again.
Not even two weeks ago, everything was breathless about this news:(more…)
Overnight action did a picture-perfect job of sealing up the gap cause by the drone strike over the weekend for the ES…..(more…)
Like most equities, Nordstrom (JWN) has had a very strong run since stocks bottomed on August 15th. In that short span of time, it has ascended nearly 40%.(more…)
As Friday’s trading action is coming to a close in a couple of hours before the Labour Day weekend, an interesting observation to note is this daily chart of the SPX.
Since the beginning of August, gaps on the open in both directions have pretty much occurred on a daily basis (blue box). When the same thing happened in the last quarter of 2018 (blue box), we saw a rapid plunge in the space of a few days.(more…)
Apple reports after the close today. I’ve gone ahead and entered a small position (short 100 shares, stop at 210.65). I see two important price barriers. The first is 210.64:(more…)