Slope of Hope Blog Posts
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Stan and I are doing our monthly free public Chart Chat on Sunday looking at the usual wide range of tickers over world equity, bond, commodity and forex markets. If you’d like to attend you can register for that on our May Free Webinars page.
I was talking on yesterday morning’s video about the triangle breaking down on NQ, saying that the classic triangle sequence would be for the initial break to find a low, then reverse back up into the NQ triangle, and then do the main triangle thrust down. So far NQ is following that sequence and should now be topping out on the backtest into the triangle to start the main triangle thrust down. (more…)
Apologies for the slow rate of updates this week. Stan and I are distracted while running our first Trader’s Boot Camp, lasting about four weeks and lasting until the end of next week. We are teaching basic TA and trading methods for both swing and day trades. This is mainly aimed at existing subscribers, on the basis that a profitable subscriber is a happy subscriber, but we are starting to promote this to non-subscribers for the next one starting on 22nd May, so if you might be interested, have a look here. We are charging $499 per seat for non-subscribers, which seemed a fair price to us, but for some reason is by far the cheapest we have seen anywhere on the web.
I should also mention that our monthly free public Chart Chat is on Sunday and you can sign up for that on our May Free Webinars page. We’ll be covering the usual range of thirty to forty instruments across equity, bond, currency, precious metal and commodity markets. (more…)
Yesterday, I expanded the quantity of short positions I had from 70 to 88. One of the new ones was Hanesbrands (HBI). I based my short on the inverted cup with handle pattern.
It is the first day of May today and ES, NQ & TF all started the day testing their new monthly pivots at 2639, 6596 and 1540 respectively. This is an important inflection point, and the historical stats for the first day of May lean bullish.
On a conviction break of these monthly pivots the next obvious target on SPX is triangle support in the 2570 area, with a possible shot at the open Three Day Rule target at the retest of the April low at 2553.
On a failure to break down with conviction through the new monthly pivots the triangle forming since the start of February may be complete. The obvious next moves would be a thrust up through triangle resistance, currently in the 2725 area, then a backtest from that high back into the triangle, and then a thrust up that at minimum retests the all time high. (more…)
I wanted to take a moment to try to illustrate the diamond top pattern I’ve been tweeting about occasionally on the NQ. Here is the continuous futures contract on the /NQ with my embellishments on the chart:
The monthly chart below of the South Korea ETF (EWY) shows January’s breakout to new all-time highs, followed by a brief pullback and rally back to close above its prior record high of 75.05 in March (now near-term support). Price is cautiously extending these gains, so far this month, while experiencing quite a bit of whipsaw movement on a daily basis.
It’s also sitting just above the bottom of a long-term uptrending Andrew’s Pitchfork channel around the 70.00 level (major support). Its next major support level is around 60.00 on this timeframe.
Both the momentum and rate-of-change indicators have been waning since last October, but remain above zero. A drop and hold below zero, as well as price drop below 70.00, could see price retest 60.00, or lower. (more…)
What an interesting trading day so far, eh? In order to extinguish the crazy ga-ga earnings rally going on with Amazon, I am at this very moment in Seattle, which seems to have done the trick. Even though the likes of INTC, MSFT, and AMZN went absolutely orgasmic after the earnings reports Thursday afternoon, the NQ is deeply in the red as of this moment. Although, let’s face it, Gartman’s two about-faces probably has more to do with the NASDAQ explosion and collapse than my own travels. The important point is that the market is still hemmed-in: