SPX closed yesterday back at the daily lower bollinger band. I’m not expecting another strong break below the lower band at this stage so if the band is respected we are unlikely to see SPX close significantly below 1621/2 today. Worth noting as well are that SPX declining channel support and rising support from the 1343 low are in the 1623/4 area, and that the 23.6% retracement of the full move up from 1343 is at 1623.22. This is a very significant support confluence near where the SPX daily lower bollinger band is likely to end the day. 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.
Declining Channels Abound
I posted on twitter last night that my rally into the 1670s scenario might well be trashed if ES broke below 1650.75. ES did and that scenario is a write-off. ES double-topped yesterday with a target at 1650 and a declining channel has now been established with channel support in the 1620 area today. There is some positive RSI divergence here and we could see a bounce. I don’t yet have a pattern for the decline from yesterday’s high. ES 60min chart: (more…)
Three Blind Mice
Just a short post today as it is a holiday here in the UK today. SPX broke up over 1660 on Friday, so the bottoming pattern is a double-bottom with a technical target in the 1680 area. The real target however is declining (channel) resistance from the high, at 1680 at the moment but declining of course. The SPX daily middle bollinger band is also currently at 1680. SPX 60min chart: (more…)
Rally Setup Forming
SPX made a short term higher high yesterday just above the possible IHS neckline that I have been watching and if we are to see this rally play out then we will either retrace to form the right shoulder of an IHS today or just break up on an already valid double bottom setup. The target in both cases would be the 1680 area, with declining resistance from the high currently in the 1683 area. This is obviously a counter-trend play, but the technical setup is excellent and I think we have a high chance of seeing this play out. SPX 60min chart: (more…)
Debt is Being Unwound
The stock market is losing its Ponzified funding mechanism as T Bonds tank…
