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.

US Stock Market – In Need of a Correction

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The US stock market (SPX) is overbought and vulnerable in the near-term

Excerpted from this week’s edition of Notes From the Rabbit Hole, NFTRH 797:

The US stock market is in need of a correction. Now, will it get one?

On the CPI down day I looked at the market and decided to leave well enough alone because of course they were going to gun it to punish anyone shorting that down day on supposedly bad news (pumping up the hawkish Fed). But I looked at the gap near the all-time highs on the daily chart of SPX and thought ‘hmm, if they close that gap maybe give it a shot…’. They closed the gap and I gave it a shot.

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High Retests Likely

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I mentioned in my post on Tuesday morning that the historical stats for the rest of this week leaned bullish, and that the stats for next week after the holiday all lean bearish, and after the low on Tuesday afternoon we’ve been seeing that deliver so far.

I capped the chart below after the close on Wednesday 14th with the very decent looking rising wedge that had formed from the low on SPX, and that looked as though that might break down on Thursday 15th, delivering a decent right shoulder high on a possible H&S right shoulder.

SPX 1min (after close 14th Feb) chart:

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