After a long delay, the CPI is going to come out Friday morning an hour before the opening bell. A number of big ETFs look poised to leapfrog across their respective former highs, such as the S&P 500:
At the Cusp. Again.
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.
Bull Market in Crypto Could Be Over
In my last post on Tuesday 14th October I was looking at the double top that had just broken down on Bitcoin. I was leaning towards this rejecting back up to the highs along with equities, but that high retest has been playing out on equities without any meaningful participation so far from Bitcoin (BTCUSD), Solana (SOLUSD), or Ethereum (ETHUSD). Last week Bitcoin actually broke and closed below the weekly middle band, in what was a significant support break.
This is bearish and the odds of that double top on Bitcoin playing out have risen considerably. If that double top plays out then there will likely also be serious further support breaks on Solana and Ethereum of a kind that would suggest that the bull market may have already ended on both, and possibly all three. This is what I wrote at the end of my last post:
‘If Bitcoin does reach the double top target would the bull market be over? No, but it would increase the chance that it might be. I would still be leaning towards at least a retest of the all time high from there but that might be forming a double top that could end this bull market cycle. There would also likely be some serious technical damage done on Ethereum and Solana while that played out.’
(more…)Prepare to Get Tased
I remember in the early 1990s one of the hottest stocks was Taser International (TASR) which made, unsurprisingly, Tasers. They have expanded their product line, and the new company, Axon, has been blasting higher for years.
In recent months, however, it has carved out a well-formed head and shoulders top. The stock lost about $200 per share from mid-August to mid-October, but for those who missed it, I think a second chance to get short is very close. The neckline itself (dashed line below) is at 694.72, so I’ve shorted this with a stop at $695.
Defy the Right Triangle
Below is a chart of DeFi Development (DFDV). I am sharing it simply because it has an exceptionally clean right triangle pattern which, if violated, portends much lower prices.
High Quality Patterns from April Low
I’ve been having a very careful look over the weekend at the longer and shorter term patterns on the main US equity indices to assess the odds of a high forming here and today I’m going to be looking at the patterns from the April low, which are now looking as good or better than they did in early August.
First though, the rally on Friday from the lows was decent, but failed again to close back over the daily middle band, which closed Friday at 6674.42. That was tested as resistance every day last week and if it continues to hold as resistance then we will likely soon see a break below the 50dma, currently at 6565 and which held as support last week.
If we see that break down then the topping patterns I was looking at in my post on Friday will start to break down and may well then make the targets that I was looking at.
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