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.

A Pause For Breath

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In my premarket video yesterday morning I was looking at the large number of short term sell signs across the equity indices and making the case for a modest retracement before going higher. We’ve seen that modest retracement and might go a bit lower, but a reversal back up directly from here may be seen instead.

There were three short term patterns on US indices that I was looking at yesterday morning, including double tops on SPX and Dow.

On SPX the double top has reached the minimum target, with the extended target a little lower at 6044.

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Weekend Index Review

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Although there’s going to be some overlap with this and what we just examined in the prior post’s ETF charts, let’s look at a few updated cash index markets. The general thing I can say – – and this is going to sound lame on a truly Elliott Wave level, but here goes – – is that the market will belong to the bulls until at least the August 5th trendline is broken. There’s nothing bearish about any of the major index charts. They just keep chugging higher, without a care in the world. The NASDAQ Composite certainly fits that description.

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ETF Review

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I’m going to set aside my weekend dependence on videos (which are much easier than posts) and actually muster some text ‘n’ graphics instead. This time, I’d like to home in on the key exchange traded funds.

First up is the DIA, which has been cruising along its ascending price channel for, well, forever. There’s little to say at this point except that it is close to its midline. I think it’s entirely possible that the euphoria about the new administration and how They’ll Fix Everything will take a few months to die off. Once it does, though, it’ll be a sight to behold.

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