Slope of Hope Blog Posts

This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.

Apple Channel

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I wanted to show a chart within a chart which is quite interesting: below is the long-term ascending channel of Apple. Present price levels would suggest it is a relatively bargain. However, take a good look at the inset, which represents the price action of the tinted zone. See how it was repelled at its price gap? (This is the price gap created by Tim Cook’s warning about their forthcoming earnings). Simply stated, if AAPL breaks this channel, it’s a whole new ball game for the former trillion dollar company.

Two Longs, Two Shorts

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Let’s keep an eye on opportunities both long and short in this volatile market.

On the long side, ProQR Therapeutics N.V. (PRQR) popped $1.70 to $17.48 on 464,200 shares Wednesday.  The biotech company announced it received Fast Track designation from the Food and Drug Administration for one of its medicines treating severe genetic rare diseases.  The move broke the stock out of its 2-month declining channel.  Looking for a move next to next lateral resistance near $20.75.

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So Is That It?

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Equities bottomed early on Wednesday the 26th and rocketed higher, partially undoing the damage for the Christmas Collapse. The Dow managed to tack on about 1500 points to its low, and I suspect equity bulls will enter 2019 limping but relatively optimistic.

As I look at the charts, some of them make me wonder “is that all they’ve got?” In other words, it only took a few trading days to push prices back up to shortable levels, such as with the NASDAQ:

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Phase Changes

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At the open Thursday morning there was a key common thread on SPX, NDX and RUT, in that all three were either close (SPX & NDX), or at (RUT) their key resistance trendlines from the all time highs. As I’ve been writing the falling channel resistance on SPX and falling wedge resistance on NDX have both broken, with RUT having already broken up earlier today.

What this means is that this move is entering a new phase, either setting retests of the all time highs or signalling retracement and consolidation before the next move down. The more obvious move is retracement and consolidation but we could see the high retests, and I’d note that the seasonality favors the bulls into late December, and that while all the hourly RSI 14 buy signals made target yesterday, the daily RSI 14 buy signals on SPX, NDX and RUT are still nowhere near target. (more…)

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