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.

Still Some Decent Looking Topping Patterns Here

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In my post on Monday 6th October I was looking at the negative divergences on SPX and QQQ, with daily RSI 14 and RSI 5 sell signals brewing on both of those. All of those daily sell signals fixed last Friday, with both RSI sell signals also reaching target on Friday. There are now daily RSI 14 sell signals fixed on all of SPX, QQQ, DIA and (weaker signal) IWM. This is suggesting a larger retracement soon to reach those targets.

I was also saying then that until we saw some strong breaks below the daily middle bands on US indices they remained in a strong uptrend from the April low. On Friday they all broke hard below their daily middle bands. Since then SPX and DIA have backtested the daily middle bands but failed to break above, and QQQ and IWM have broken back above but are currently back below at the time of writing. Unless that changes that larger retracement may already be in progress.

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Big Vs and Little Vs

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First off, everyone settle down. One night out of the year I go to bed at midnight, so naturally I didn’t spring out of bed at 5 a.m. like usual. Instead, I woke up at – – gasp — 7 a.m., while it’s still dark outside, and I’m greeted by all kinds of messages wondering what happened to me and why there’s no new post. I live in a world of financial websites that do maybe 2 or 3 posts a week, instead of 100 like mine, and people freak out if they are not spoon-fed sugar every hour or so. Sheesh!

Anyway: nothing characterizes this market better than the giant “V” from the /RTY over the course of about ten months:

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