This is saving my proverbial bacon today………
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.
Testing Triangle Resistance
SPX tested triangle resistance yesterday and didn’t break through it. There is a possible setup here for a reversal back into triangle support in the 2055 area and that’s shown on the chart below that I posted on twitter last night. We’ll see how today goes, but if triangle resistance holds again today then we will most likely see at least a test of Tuesday’s low at 2083.24. SPX 15min chart:
Crude Clears Trendline
It seems all the yammering about oversupply in crude oil is meaningless (as, it seems, 99% of the worries posted on ZH turn out to be). Crude has been strong for a solid month now, and it has since vaulted over its descending trendline.
Big Moves Coming Our Way
I was talking yesterday morning about the negative divergence on the SPX 15min RSI and that has delivered a retracement. If rising wedge support breaks this morning then I have strong support at the 38.2% fib in the 2085 area, as that is very close to the 50 hour MA. I have alternate fib retracement targets in the 2078 and 2071 areas. SPX 15min chart:
