I was saying yesterday that SPX was in an inflection point and the direction of the resolution was important, and the bears then immediately dropped the ball at the open to allow the cycle trend day to deliver a strong trend up day. This has brought SPX up to another inflection area in the 2040-50 range that was range support February through July last year, and that is being tested hard this morning. If bulls break through it that opens up the IHS target in the 2082 area and a possible retest of the all time high at 2134.
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.
Eerie ERY
I’d like to once again trot out triple-bearish-on-energy symbol ERY. Draw your own conclusions, but be warned, in this insane market, this is not for the weak-of-heart:
Crude’s Fallen Arches
Good morning, everyone,. I’m pleased to be back in Palo Alto and surrounded by my monitors again. I’m particularly delighted to see so much red on the screen, even though, based on last Friday’s knitting-needles-through-eyeballs insanity, I’m waiting for the proverbial other shoe to drop (or shall I say other shoe to float up in the air, because that’s about how much sense the Post-Draghi-WTF-Rally made).
Crude oil in particular has been getting fricasseed lately, and we are at a crucial juncture, which I’ve tinted. When crude first whooshed past this area on March 7, energy bulls were thrilled at the breakout. This breakout level must hold, however, otherwise we have – – yes, you guessed it — a failed bullish breakout, which sets us on the path to the low 30s.
Oil Near Stopping Point (by Moneymiser21)
Normal Retracement So Far
These days, the machinations of the crude oil market have become more important than anything the Fed says. As helpful as yesterday’s big drop in crude oil was, so far it’s nothing more than a healthy retracement from a breakout. Until and unless it slips beneath the green tint shown below, this is just a normal retracement. If it does indeed break that horizontal line, we’ve got a failed bullish breakout on our hands, and crude has a chance to slip back into the lower 30s (and drag the rest of the market with it).
