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.

Testing Strong Resistance Here

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Apologies for the extended absence again as my interminable divorce drags on. That’s making progress though at least, and in a few months at most should be done.

In the meantime I posted my premarket video at theartofchart.net from this morning on my twitter in the morning and on indices so far at least that has been exactly on target. If you missed that then you can see that here.

Just to recap quickly what I was saying on the video, I was expecting SPX and NDX to rally into retests of the strong resistance trendlines that have been holding so far this week on both. We have seen that retest on SPX and a daily RSI 5 sell signal is now brewing as expected. If that fixes then these have been good performers for delivering retracements this year.

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Watching For 4400-10

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I’ve been distracted this week by a divorce hearing yesterday morning, but that’s out of the way now and I’m doing two posts today. This first one is talking about short term upside targets across SPX, NDX, IWM and INDU and the second one later today will be looking at the bigger picture case for a backtest of the 3750-3800 SPX area soon, and the potentially very bullish implications if we were to see that happen.

For now on SPX the wedge resistance trendline is in the 4400-10 area, and the retracement over the last couple of days could set up a very decent possible RSI 5 sell signal if SPX heads directly to that target from here.

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The Next Upside Targets

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Obviously SPX broke up at the last inflection point and may well be on the way to the resistance trendline I mentioned in my last post, currently in the 4400 area.

I’m still leaning towards seeing a decent backtest of the 4000 area over the summer sometime and ideally that backtest would reach the 3800 area. I’ll explain why that is in another post over the holiday weekend and if we were to see that retracement, and then found decent support there, it would set up a potentially very bullish scenario for another leg up.

In the shorter term, the rising wedge from March 2020  broke down on the last retracement and if that break was just an expansion of the wedge, then we should see that test of wedge resistance in the 4400 area next. If seen I will then redraw the wedge support as unbroken.

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