I did a weekend post and if you missed that you can see that here. At the end of that post I showed an SPX chart with a projection of what might happen on SPX over the next few months, and stripped to basics and very approximately that projection is as follows: (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.
Roll With It
SPX hit and closed at the daily upper bollinger band yesterday. The upper bollinger band rose a very impressive ten points yesterday, which was more than I expected. Now that the upper bollinger band has been hit that should slow down to a more moderate 3 to 6 points maximum increase in a day. SPX daily chart: (more…)
Paraphrasing Gandhi
I’l start by paraphrasing Mahatma Gandhi this morning in saying that if anyone were to ask me what I think of western capitalism, I would respond that I think it would be a good idea. Maybe we’ll try it sometime using the invisible hand of the market rather than the visible hand of the Fed. (more…)
Last Orders
I wasn’t entirely happy with the high yesterday, which at 1654.18 was just one tick below the mid-June high at 1654.19. A reversal from there would leave a sliver of a chance that the retracement might develop into something more. It also didn’t quite hit the lower trendline target I showed in the SPX 15min chart yesterday, though there is a little play in the target area and is was an arguable hit rather than the ideal hit that I was looking for a point or so higher. The chart below is the one I posted on twitter last night with a possible wedge retest retracement scenario from yesterday’s high, and we could see that today with clear negative RSI divergence on the ES 60min and SPX 15min charts here. SPX 15min chart: (more…)
Inflection Points
There are a few important inflection points to look at today and the first of those is on SPX. On the daily chart SPX closed well above the daily middle bollinger band and significantly over the 50 DMA. This resistance break would usually extend into a test of the daily upper bollinger band, now in the 1658 area. SPX daily chart: (more…)
