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 Fistful Of Flags

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I was mentioning on Monday that the declines on DAX & Nikkei this week looked very interesting and I’ll show you why that was after I go through the short term setup on US equity indices.

I’m looking at those on the 5min charts today as the pattern setups are clearest there, and there is a strong common theme of bear flags forming on those charts.

First on SPX where the rally from Monday’s low has retraced a little under 50% of the decline, there is no obvious reversal pattern to take SPX higher, and the move so far looks very much like a bear flag is forming.

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The Two Biggies

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We’re into the dull part of the earnings season, but there are a couple of big companies reporting soon. Disney, the first chart, has been beaten like crazy. It’s an uninteresting chart, unless (unlikely……) it busts through that multi-decade trendlines! As for the second chart, Eli Lilly, it has dropped 20% in the past three weeks, but as you can see, it’s a monster. I have zero stake in either of ’em.

DIS
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Feeble

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As I am typing this (I really shouldn’t have to type that each time………..) the /ES is up 35 and the /NQ is up 138, which in normal times would be a wild morning, but these days is practically tepid. Last night, we were all watching the inverted head and shoulders pattern on the /ES. The market had been beaten up badly, so it seemed pretty much a slam-dunk for the /ES to complete this IHS and, at the very least, seal up its price gap (arrow).

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