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.

And They’re Off!

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Thus begins the market of 2023 now that futures are open. I am delighted, because I am so, so, SO sick of the holiday season. I want to get back to work. (Of course, we have yet another holiday shoved into our faces in just two weeks, but there ya go). Anyway, the rally you are about to witness in equities is going to be as meaningful and long-lasting as New Year’s resolutions to lose weight and stop smoking. Things are going PRECISELY as I predicted they would. I look forward to Wednesday, when the real market returns.

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A Whimper, Not a Bang

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Welcome to the last trading day of 2022, everyone. As I wrote to our premium members yesterday, the massive run-up in equities offered the risk of “snookering” people into buying, but ” is going to melt like a freshly-fallen snow in the sunshine.” Sure, we may rip higher on Tuesday (the first trading day of 2023, when people will be at their most optimistic) but my point still stands. The “Santa Claus Rally” of 2022 has been a pathetic death watch……….

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Can Santa Crash This Party? (by Xerxes)

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There are four trading days left in 2022. This past week showed us two things. First, resistance is still in play as we rejected the 50 day EMA very nicely on Friday. Second, Friday also showed us that support refuses to yield as we finish the day with a hardy 60 point bounce on SPX. The result is a long wick doji pattern on the weekly chart, which is rather neutral. With lighter volumes we tend to see much more volatile moves and perhaps that is what we were seeing this week. Who knows?

Regardless, the continued support at 3800 is important to consider for the following week. We could see a rally with some choppy swings or we could see a volatile but controlled descent. Either way, it is a bit of a crapshoot. I can’t say for sure which direction to expect. I did provide expected zones should we move in either direction.

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