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.
Centerline
As I’m beginning to type this post, it’s about 5:23 a.m., so the PPI comes out in 7 minutes. By the time I get to the bottom of this post, the PPI will be out, so I’ll have a chance to see what the immediate reaction is. In the meanwhile, it’s remarkable to me how chart-friendly the market continues to be. Look at the /NQ, for instance, and these horizontal lines I drew a while ago. In particular, look at the longest horizontal, which defines the bullish base.
Rumbling Toward the Week
It has been 53 miserable days since the dramatic reversal of October 13th. Since then, the fetid stench of bullish arrogance has saturated the air, even on my beloved Slope, as the reckless confidence so often found in Wave 2 counter-trend rallies has once again exhibited itself just as it has through all history. For the immediate moment, we are enjoying some weakness on the /ES, as I type this moments before the opening bell.
Phresh Levels
I guess it could be worse. Still, it’s disappointing that today’s low was literally within 200 seconds of the release of the jobs report. Equities have been climbing ever since. I wanted to show a few interesting price levels I’ve noted. First off, 4050 on the /ES has acted as resistance, with the exception of the post-Powell-speech portion. As I’m typing this, the /ES is trying to fight its way past this and eliminate the entirety of the jobs report drop.
