Instead of a retracement yesterday there was another face-ripper trend day that blew through all of the resistance levels I was looking at yesterday morning on SPX. I looked again at what I wrote on my weekend post about the very bullish history of the weekly candle we saw last week: (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.
It Is What It Is
SPX closed last week back above the weekly middle bollinger band and with a strong and rare reversal hammer weekly candlestick. In my weekend post, which you can see here, I looked at the history of these rare candlesticks om SPX going back to the beginning of 1974, and didn’t find any directly comparable candles that did not then continue up to the weekly upper bollinger band, currently at 1873. I am therefore treating last week’s low as the retracement low unless we see strong evidence to the contrary, which would need to start with a decline through strong support in the 1770-4 area. SPX weekly chart: (more…)
Minor Inflection Point Here and Yen
We had a nice little oversold rally yesterday and that has established a perfect declining channel on the SPX 5min chart from the 1793 high. That may hold, and if so the next move is going to be down. This is the chart I posted on twitter last night. SPX 5min chart: (more…)
Test for Bulls
I have commented a couple of times that the left shoulder on the possible H&S forming on SPX took five weeks to form, and that I would expect any right shoulder to take at least two weeks to form. To that extent the very hesitant action at the current lows is not yet a bad fit with this scenario, though it may yet break down towards the next targets without making that right shoulder. If we do see a clear break down below the December low at 1667.99, then I have the next obvious target area slightly under 1700, and that could be reached quickly. SPX weekly chart: (more…)
