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.

Vee Movie

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Apologies for the very late post again today. Wednesday is my biggest charting night of the week at theartofchart.net and I was up until 4am. When I get to my desk every morning I also review and publish charts on currently nineteen different futures and forex pairs with a premarket video looking at any changes of interest on each. Even though I live to chart I tend to get a bit tired on Thursdays.

There’s a running trader’s joke about types of days that can set up in the morning and then play out over the rest of the trading day. It’s like a movie when you watch the first part and you have a pretty good idea how the rest plays out. Some tape movies, such as Buy The Dip movies are very common, but today’s was a rarer variety that I have christened the Vee Movie.

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Chop Chop

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Short term rising channel support was broken at the lows on SPX yesterday, and that break was confirmed with another break below this morning. My working assumption is that SPX is now in a topping process for the final move into the swing high that we are looking for here, and it’s possible that swing high was made yesterday, though there are good reasons to think that there is still one more new all time high on SPX that I’ll be looking at on the ES chart. In the meantime SPX is still holding the 50 hour MA, currently at 2392.50, as support and while that remains the case I still like the ATH retest. SPX 60min chart:

170510 SPX 60min

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Support Levels on SPX

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Looking for an AM low this morning before ideally a push up to retest the Sunday night globex high on ES, target area on SPX for that would be 2407/8 area. I’ve been looking at the important short term support levels on SPX and they are the 5dma currently at 2393.5, short term rising channel support currently in the 2392.5 area, and the 50 hour MA currently in the 2389.50 area. My lean is that none of these levels are likely to be broken before the Sunday night high is retested. If the short term rising channel breaks then my working assumption would be that SPX has moved into a topping process for a swing high that should last a few months. SPX 60min chart:

170509 SPX 60min

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New All Time High On SPX

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ES made a new all time high overnight and SPX has made a very marginal new high this morning. I regularly hear that highs made in globex are always retested in regular trading hours, and that isn’t true, and is demonstrated to be untrue on a regular basis, but these globex highs are retested at least three times out of four, and most likely we’ll see that here.

SPX has a decent rising channel established and rising channel support is in the 2390 area. That’s in the same area as the 50 hour MA, and I’m expecting that to hold until this move enters the topping process. SPX 60min chart:

170508 SPX 60min

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