SPX hit and closed at the daily upper bollinger band yesterday, and may reverse there to retrace into the 50 DMA in the 1670 area or the daily middle bollinger band in the 1655 area (long shot). The falling megaphone target is at the 2013 highs so it’s possible that SPX will ride the upper band into that target, in which case the upper band can rise by 5 to 8 points per day in a strong uptrend as long as it is under the weekly upper bollinger band, now in the 1715 area. If we see that happen today the closing range should therefore be in the 1694-7 area. SPX daily chart: (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.
911 Anniversary
A thought this morning for all the dead from the 9/11 terror attacks, and all those who have died and are still dying in the conflicts triggered by that attack. It is a cheery thought at least though that Osama Bin Laden will not be seeing any more 9/11 anniversaries. (more…)
Honey Eating Surrender Monkeys
Yesterday was a key day technically and by the end of the day the bulls had broken all the key levels I was watching for bullish breaks. The buying was steady and relentless, and even on the 1min chart the SPX RSI never hit 30 at any point during the day. (more…)
Year of the Unicorns?
I covered the main SPX charts and also charts for Dow, RUT, NDX and COMPQ in yesterday’s post arguing the case for a strong reversal to new retracement lows from the rally highs made on Friday. You can see that post here. I was making two key points in that post, which were firstly that there has not been a year in the last fifty years without a test of either the SPX 200 DMA or the weekly lower bollinger band, and we haven’t seen either tested so far in 2013. If that continues through to the end of 2013 then that would therefore be a real statistical rarity or unicorn event. The second point was that clear pattern resistance was tested at the high on Friday on SPX, Dow, RUT, NDX and COMPQ, so these indices are all at trendline resistance. A break significantly over Friday’s highs would therefore be a bullish breakout in my view until demonstrated otherwise. (more…)
Buy Bonds and Oil, Sell Euros
As well as my usual ES and SPX analysis I’m trying to get in the habit of also posting at least one chart from PMs, USD or USD currency pairs, bonds and oil every day unless there is really nothing of interest at all on one or more of those. With my daily post ration of charts set at a maximum of eight, that’s workable on a normal day but in weeks like this it’s a real struggle. I have eleven charts prepared today and will post the excess on twitter, and I think that’s what I’ll do from now on when I have this problem. (more…)
