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.
Short Term High Looks Close
ES reached the 1688-90 target area I gave yesterday morning and reversed there. That could have been the short term high that I’m looking for, but if so then I would have expected the 50 hour MA to be tested overnight and break. As it is it was tested overnight and held, and ES has bounced back to 1680 at the time of writing. If that continues to be the case today then we may well make a new high not too far above and I am running two scenarios for that. (more…)
Moving Sideways
We’ve seen some really boring days on ES recently and yesterday was another of those, with ES spending the entire day testing the 50 hour MA from above. There was a slight break below that overnight but it didn’t hold. Here’s the ES 60min chart I posted on twitter last night after the close showing the narcolepsy -inducing action for the day. ES 60min chart: (more…)
First Spike Down
When a high of whatever degree is being reached there is very often a first spike downwards that signals that the push is coming to an end. SPX (or whatever) often recovers back to make a new high, but the seed has been sown and a larger retracement arrives shortly thereafter. I think that’s what we saw yesterday in all likelihood. (more…)
Low Volume Crawl Upwards
I understand that yesterday was the lowest volume day of the year on ES, and in these low volume doldrums ES tends to inch upwards as it has been doing since Thursday morning. SPX closed almost five points under the daily upper bollinger band yesterday, though it’s still in the right area and I’m not seeing that as a significant sign of weakness yet. SPX daily chart: (more…)
