With foreigners dumping US Bonds at a record rate, I guess we shouldn’t be surprised……one thing is for sure: it’s going to be a very interesting week ahead, particular with troll-doll making her debut Wednesday.
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.
SPX 50 Hour MA Broken
Well I was saying yesterday that the negative divergence on the SPX daily RSI 5 and NYMO was giving the edge to a bearish resolution to the range and we may at last be looking at the start of the retracement for this big wave up from the 1737 low. (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:
Max Headroom Today 1870-5
After a couple more exploratory pinocchios through 50 hour MA support at the open yesterday morning SPX took the green pill and broke back up through the ES 50 hour MA. I was grumbling on Wednesday morning about the lack of a clear support trendline for this move up, and even though the bears ended up getting their clocks cleaned (yet again) yesterday, my urgently required support trendline has now been established as I now have rising channels from the Feb low on both SPX and Dow. This will give us a clear marker for when this move is topping out, which as I have mentioned, may be very soon. SPX 60min chart: (more…)
Testing the Water
Another day of consolidation yesterday with two more tests of key short term support at the SPX 50 hour MA. On the second test there were significant intra-hour pinocchios below it which was new, but the hours closed safely back above. The pattern setup on the SPX 60min leans bearish but could still go either way this morning. The triangle I was looking at yesterday morning broke up and was then retesting hard at the close. For today I would expect that either to break up to a marginal new high, or break down to test the triangle target and possible H&S or double-top neckline at 1824/5. The RSI and trendline setup are leaning towards the bear outcome, and I have mentioned many times before that triangles have a very tendency to make a false break before the real move begins in the opposite direction. SPX 60min chart: (more…)
