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.

The Yawn Has Been Strong In This One

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I didn’t manage to get a post out yesterday which is always a risk as Wednesday is my busiest day. The tape was dreary and neither bulls nor bears could manage to sustain a move for long but that’s often what happens when a retracement flag is forming, and that is still likely what we are looking at here.

On SPX bull flag resistance is in the 2391.5 area and interestingly the equivalent flag resistance on ES has already broken up. The falling wedge on the hourly RSI 14 has broken up with a target at 70 on the hourly RSI 14, and SPX is still trading around the 50 hour MA at 2388. That needs to be converted to support to open the upside, or resistance to open the downside. SPX 60min chart: (more…)

The Eternal Triangles

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If there’s one thing that SPX has been really good at over the last year or so, it is pausing at highs, and one of the best ways to really kill time at highs is to form triangles. The obvious read on SPX here is that a triangle formed from the all time high nine weeks ago, and that broke up at the start of last week into another smaller triangle that is forming from last week’s high.

The obvious read on this current smaller triangle is that it is bullish into the ATH retest that we have come close to a couple of times but not seen as yet. Given though that this triangle has formed on the break of the larger triangle, there is a decent bear scenario here where SPX breaks down from this triangle in a backtest into the larger triangle, before a triangle thrust up that at least delivers that ATH retest. If the bear scenario is going to play out then the first signs would be breaks of rising channel support and the 50 hour MA, currently at 2386 and 2384 respectively, and the target should be at least a backtest of broken triangle resistance, currently in the 2360 area. (more…)

A Battle Of The Bands

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Yesterday was the third day of a daily upper band ride and was of a stronger type where the daily 2sd (two standard deviations away from the middle band) upper band acted as support and the daily 3sd upper band acted as resistance. The 2sd upper band is currently at 2388 and the 3sd upper band is in the 2404 area, so a retest of the ATH on SPX is under that resistance today. Today’s low was at 2388 and the high so far is at 2398. Unless we see a break back under 2388 with some confidence we may well see that ATH retest today. SPX daily chart:

170426 SPX Daily

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