Hopefully everyone caught my warning on twitter on Thursday night that we might well see more downside, and in that case I’d be looking for support in the 1860-2 range. SPX went a little lower than that and at the time of writing is below both the ES 50 hour MA, currently at 1867 ES, and the SPX 50 hour MA, currently at 1870 SPX. These are important levels to watch today, as they are now short term overhead resistance. (more…)
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.
Absent Friends
My wife and I had some shocking news this morning when she was told that the husband of an old friend of hers was stabbed to death by a random nut in a pub last night. I didn’t know him that well but we’d spent some time with them and he was a very decent, hard working, family man who leaves a wife and two children behind. Just incredible, and a reminder that very bad things can happen to good people, and that people don’t always make it to three score years and ten even nowadays. After two close friends of mine died within three months of each other two years ago that is now three people in my circle all dead from various causes in their early to mid-40s. Very bad luck and extremely thought-provoking. (more…)
Are We Having Fun Yet?
Well I was saying yesterday morning that the bears needed to reverse Wednesday’s break up quickly yesterday and so they did. It’s been a while since I saw a decent bull setup like that trashed as thoroughly and quickly as that was, and that is certainly food for thought.
After the break back under the daily middle band we returned to the original schedule that I outlined on Tuesday morning, which was that the move into Wednesday’s close was a rally, to be followed by a new wave down resulting in a lower low, and so here we are this morning. (more…)
Back at the SPX 50 Hour MA
Last Thursday morning SPX was looking like it might gap up over the very important support/resistance level at the 50 hour MA, and I was saying that a gap over that should be respected unless the opening gap was then filled. SPX then tested the 50 hour MA at the opening print and fell 30 points or so after the failure there.
We have a similar setup this morning, and as was the case then, a gap over the 50 hour MA should be respected as an unfilled gap over a resistance level is the strongest kind of resistance break in my view. As with the last time a strong reversal there this morning should be respected as well. (more…)
Living on the Ceiling
SPX has spent the last three days trading close to the weekly upper bollinger band, and closed yesterday a point above it. I gave the maximum closing range this week without a rare and bearish punch above the weekly upper band at 1880-5, and if anything that looks a little high. With ES at 1884 at the time of writing, further upside into the close today looks unlikely. SPX weekly chart:
