So I guess this traitor to the cause is a one hit wonder. What a dork. Anyway.
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.
Wedgies & Crows
Examining the chart of the S&P 500 futures [/ES], note the bearish rising wedge formed from the October 2023 low (purple). Then note the smaller, short-term wedge emanating from the May 31, 2024 low (also purple, inside the aforementioned larger wedge).
Now Industrials
It seems hard to believe it was so recent, but the highest level for the Dow Industrials in human history was only on Thursday, when it reached the lofty 41,376 (keep in mind, this sucker was 6,469 during the financial crisis). It reversed over 1,000 points within hours, and at this point, the next success for the bears would be a failure of the psychologically-important 40,000 leve.
Reaching Initial Target Level on Solana
I called a possible swing low on cryptos on 5th July, and that’s been progressing as expected so far, and is getting close to some key resistance levels and, in the case of SOLUSD (Solana), is hitting it.
On BTCUSD (Bitcoin) the daily RSI 14 buy signal is reaching the possible near miss target area, and a possible daily RSI 5 sell signal is brewing. Bitcoin has broken back over the 50dma and converted that to support and the obvious next resistance is the bear flag megaphone resistance currently in the 70,800 area. A break above that opens a retest of the all time high at 73.8k.
(more…)A Changing Of The Guard
In my post a week ago I was looking at the runaway move on Tech, and the way the move had just blown through some serious sell signals on SPX without breaking a sweat. These moves can end anytime of course, and it may well be that the move has ended, with a powerful rotation out of Tech and into the Dow and Russell 2000 over the last few days.
There is another decent setup for retracement on SPX and NDX here now and, with Tech in retreat, that may well deliver.
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