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Note from Tim: In the pandemonium that ensues after someting as big as the jobs report, it’s best to just let both sides duke it out a while and let the opening bell ring before trying to draw any conclusions about the reactions to the ostensibly good report. So, in the meanwhile……..
Cinemark was blasted to smithereens during the all-too-brief wipeout earlier this earlier………..
The nice topping setup from my post last week failed to deliver, with SPX finding support once again at the daily middle band, and the very nice bull flag channel on NDX failed to break down as I was hoping it might. Instead it continued to form and delivered the high retest that we have seen this week. So what now? Well the high retests on NDX and SPX have of course set up possible alternate double top setups which are again of high quality, so this is the next important inflection point,and in the event that the SPX daily middle band continues to be solid support, perhaps the last inflection point before a retest of the all time high on SPX.
SPX didn’t quite reach the 3290 bull scenario target area that I was talking about last week but made a respectable 3280 or so before rejecting back into a retest of the established support and possible H&S neckline in the 3200 area. The SPX hourly RSI 14 sell signal reached the possible near miss target and an RSI 5 buy signal has now fixed.
Interestingly the high last week established a possible new rising wedge resistance trendline from the March lows, which is a development that I’m watching with interest, as the retracement since has broken rising wedge support and has put SPX into a possible topping process.