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.
Crude Oil Strength at Support
Paring Down Scenarios
There was a strong move down yesterday, with the small double-top target I gave in the morning made shortly after the open. Nonetheless it could be that the short term high is not yet in, as the first strong move down often sets up a topping pattern, and we might still therefore see a test of the highs before the retracement really gets going. This possibility is best shown on the ES 60min chart where a possible double-bottom has triggered with a target in the 1839.50 area. There is strong resistance just above at the 50 hour MA in the 1832.75 area and broken support at 1833.25. If those levels are broken with confidence then that 1839.50 target should be made and we might well then see a retest of the highs. ES 60min chart: (more…)
In with the New
Happy New Year everyone! I hope everyone had a good holiday.
I was looking for signs of a short term high last week and I’m now seeing some. There is very marked negative divergence on the SPX 60min RSI and I have the current highs at a possible rising wedge resistance trendline from the October low at 1646. The obvious target for any retracement from here would be rising support from that low, now in the 1790 area and rising at about ten points per week. We may see a retest of the current highs today, and I’m still looking for for a larger topping pattern here than the obvious short term double top targeting the 1835 area on a break below 1842 today. SPX 60min chart: (more…)
When the Wind Blows
This move up from the Fed spike up has been an inexorable grind. Due to the way it started there are no really decent trendlines in play here from the last low, and so no real patterns either. In effect we just need this wave up to blow itself out, and the next high and low should start to give some shape to the current overall move. On ES I have a three touch support trendline that may or may not be of much use, but the best signal that the current uptrend has ended will most likely come from a break below the 50 hour MA, currently in the 1829 area. ES 60min chart: (more…)
