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.

Closing Window

By -

Today is the last day of the high window on SPX, and bulls have missed a couple of decent opportunities to break this up. With ES trading at 2151, the weekly pivot at 2154 was clearly never converted to support. If we are going to see a break up from this triangle then today is the last likely day to see that, and it’s not looking that promising at the time of writing.

Support levels to watch today on SPX are the 50 hour MA at 1259/60, the daily middle band at 2153, and triangle support at 2144/5. If we see a break down through 2144 then the chances are that break will follow through to the downside, and our expectation is that the downtrend that may already have started will likely dominate the remainder of October. SPX 15min chart:

161007 SPX 15min Triangle Setup

(more…)

Tempus Fugit

By -

In case you missed it, I did a post last night talking about the pattern structure and timing on SPX/ES, NQ and TF, and if you missed that you can see that here.

Another slowish day on ES/SPX. No support breaks yet and the ES weekly pivot at 2154 (2162 SPX area) may be being converted to support, but not with any real confidence yet. Both SPX and ES are in a rising channel and a triangle, but are running out of time to do the obvious next step of a break up into a retest of the all time high. The high window on SPX lasts until the close tomorrow, with a possible spill into Monday, but unless we see some upward movement soon, this is just a consolidation before the next leg down. SPX 60min chart:

161006 SPX 60min Pattern Support Levels

(more…)

Uncertain Direction

By -

I have a bit of a windows bug with my keyboard, as if the ‘Sleep’ button is pressed my computer will go to sleep. That would be ok except that when the ‘Wake Up’ button right next to it is pressed, nothing happens at all. I have been unable to find any way to wake up my computer other than a hard reboot, and on that reboot I lose any unsaved work. For this reason mainly my office is a cat free zone.

Last night I lost about two hours of unsaved work after accidentally hitting this key and have used a lot of time today redoing it. I didn’t manage to get a post out in RTH, so I’m doing a post close wrap post to look at the pattern setup on the indices here. I did do the premarket video for Daily Video Service subscribers at theartofchart.net, and hopefully some of you saw that after I posted the link on my twitter at the open. If not you can see that here and I was particularly pleased with my NG call today which delivered beautifully.

(more…)

Support Holding So Far

By -

I haven’t posted the full set of charts that I do every morning for a while and these are the companion charts that I use in my premarket videos for Daily Video Service subscribers at theartofchart.net. I posted that on twitter before the open today (@shjackcharts), but if you missed that you can see that here.

On ES I was saying that the outlook remains bullish as long as 2146 remains unbroken, and the LOD so far is 2147.75. If that remains the LOD then the outlook still leans bullish. ES Dec 60min chart:

161004AM ES Dec 60min

(more…)

One More Heave …… Probably

By -

Stan and I are looking for a high this week, or next Monday at the outside, but there’s a possibility that the high might already been in. SPX has been chopping above and below the daily middle band for a week or so now and if SPX should make a conviction break down from it the high might well be in. There are already very nice looking double top setups here on both NDX and RUT. We’re leaning higher first for a number of reasons, but they may not deliver. This is a week to be cautious about getting married to any longs.

One of the reasons we are looking higher here is the triangles forming on SPX and NQ particularly. That triangle is still forming on SPX, as you can see looking at the triangle on the RSI 5. This kind of triangle would generally complete, break up, and then do a thrust up out of the triangle that would open be the final move up in a sequence. SPX daily chart:

161003 SPX Daily

(more…)