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.

Energizer Bunnies

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Apologies for the erratic posts this week, which has been very busy and I’m somewhat short on sleep. Just covering SPX today as I have to head out shortly.

Impressive trend day up on SPX yesterday and the high has established a decent quality possible rising wedge trendline from the November low. If so SPX is topping out here short term and I’d expect at least a retest of 50 hour MA support in the near future. That’s currently in the 2369 area. I was thinking a retest of the high first was likely but so far it’s possible that SPX is trending down today, and on a break under 2380 we might see that test today. SPX 60min chart:

170302 SPX 60min

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The Last Trump …… Speech in February

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Intense day today and I didn’t manage to get a post out in RTH through a combination of a series of technical issues, lost work that needed to be repeated, and a lifelong love of quality pancakes. I’m doing a quick pre-speech post now as it will likely save some time on what is likely to be a very busy (and sadly pancake free) day tomorrow.

I won’t show any SPX charts today but I would note that a daily RSI 5 sell signal fixed on SPX today. This uptrend is fragile and while I’m still looking for a slightly higher high here a bad reaction to the speech could break the important support that held on SPX and RUT particularly today, and break the bull setups I’m showing on the ES and NQ charts below, and trigger the bear scenario that I’m looking at on the TF chart.

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Limping Higher

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I was looking at SPX doing my weekend charts on Saturday and a new high seemed likely and we saw that this morning. That’s great and decent looking possible daily sell signals are now brewing on both the RSI 14 and RSI 5. Ideally I’d like to see SPX go a bit higher to hit a trendline that I have above in the 2375/6 area, and Stan has a target slightly high at 2381, but I’m wondering whether it’s going to make it. It may be a slow road to get there if we do, and the 5min RSI 14 sell signal that has fixed isn’t encouraging for seeing that today. SPX 60min chart:

170227 SPX 60min (more…)

TGIF

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Very nice AM reversal yesterday morning as expected though SPX didn’t manage a full retest of the ATH before a hard reversal overnight. SPX has managed a marginal break of yesterday’s low at the open this morning and has so far filled about half of the opening gap from 2363.81. If that gap fills then I’d expect a retest of the ATH at 2368.26, though that might well be the second high of a small double top, looking at the both RSI 14 and RSI 5 sell signals that have now fixed on the hourly chart. If the gap doesn’t fill then immediate support is at the open gap from Monday morning at 2351.16, and a fill of that gap might well open up a test of the current price floor in the 2339 area. SPX 60min chart:

170224 SPX 60min

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Some Support Breaks Here

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A new ATH at the open this morning but under the hood there were some telling signs of short term weakness both yesterday and in the subsequent move this morning. Yesterday there were some minor trendline support breaks, on the daily chart SPX failed to test the daily upper band, and some sell signals fixed on the SPX hourly chart. When I was doing this chart though I was looking at key short term support at the perfect rising channel from February 8th at 2360.5, and that has now broken, putting SPX in a likely short term topping process, though Stan and I don’t think that the swing high is in yet. SPX 60min chart:

170223 SPX 60min

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