Sheesh, take a look at heating oil futures.
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.
Ready, Set, Sold
Through The Eyes of RTY
This is the Russell small cap futures contract for the past few months. Here are what I see as the germane elements:
- Green rectangle: the bullish basing pattern;
- Green arrow: the breakout and ascent from this pattern;
- Red circle: the first sign that this wasn’t going to last;
- Red arrow: the bulls have basically blown their chance already.
Insipia
After Nvidia released their earnings yesterday, bulls celebrated the world over, and just about everything with a ticker symbol rallied, based on the notion that a niche semiconductor company focused on crypto and gaming was the basIs for the entire economy. Those gains in NVDA are holding fast (happily, the daily chart kept me far away from touching the thing).
Rallying From Major Support
We saw the breakdown on SPX that I was warning about on my last post, and so far SPX is finding support in the 4000 area, which is the obvious support level as there is an intersection of decent support levels here. There are hourly buy signals fixed overnight on all of the six equity index futures I track on a daily basis and, subject to FOMC today, the pressure to deliver a rally today is strong.
The only support level not yet quite tested is rising wedge support from the 2022 low, and I’m wondering whether that, currently in the 3965 area, might need a test before the rally that we should see here. If we do see a test of that trendline and it holds, then that will open wedge resistance, currently in the 4240 area, as a possible target.
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