SPX closed back just under the daily upper bollinger band on Friday. As long as this uptrend continues SPX should stick close to the upper band. If it starts to fall away then the chances are that an interim high will have been made:
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.
Words of Caution
Serious resistance has been broken this week and yesterday I was giving the next obvious targets over 1600, and the obvious target for this cyclical bull market much higher than that. I do have some short term words of caution to add however and they are that: (more…)
Above Us Only Sky
It’s been obvious for a while that the SPX 2007 intraday high at 1576 wasn’t likely to hold long, but I was expecting a bigger retracement before it broke. That was not to be and SPX broke and closed over resistance there with confidence yesterday. I’ve been looking at the daily bollinger bands pinching together on SPX for a couple of weeks now and noting that these tend to resolve into big moves. That big move should now be up so I’m expecting to see SPX over 1600 in the near future. SPX doesn’t tend to wander far from the upper bollinger band however, and that tends only to rise at five or six points per day in a strong move up. That closed at 1578 yesterday and the likely closing range would be at 1582-4 today, so with the close yesterday at 1587 I’m expecting to see some consolidation today:
Fallen Heroes Day 2
I tend to avoid talking politics as my own libertarian views aren’t widely shared, but I’ve been listening with great amusement on the radio this morning to UK Feminists having to acknowledge that Margaret Thatcher advanced the cause of women’s rights while criticizing everything else about her. She would have enjoyed that too, as while she was definitely a feminist (small f) in favor of equality for women, she despised Feminism (the political movement) as hopelessly left wing and misandrist (the female equivalent of misogynist meaning hater of women).
Fallen Heroes
Margaret Thatcher, former Prime Minister of Britain died yesterday. In my view the most talented politicians to become Prime Minister since the second world war were Margaret Thatcher and Tony Blair, and of those two, she was the only one with strong convictions and statesmanlike qualities. Adieu Margaret Thatcher, a remnant of a bygone age when politicians ran economies without deferring to their central banker/planners, and when the solution to every economic problem, including having too much debt, was not necessarily to print money and run up more debt. In fairness she was helped in that by the head of the Federal Reserve then was the steely Paul Volcker rather than the much less impressive Ben Bernanke, but her achievements were considerable nonetheless.
