Earnings Season Kicks In!
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.
Sum To Consider
Taking a tidy sum from the markets is our goal.
Talking recently with a longtime Sloper, he commented, “It’s just a trade to make a living. To get some.”
That’s what we’re here to do: Get some.
There are hundreds of ways, different strategies, to try and extract money from the markets. Have it Your way. The best strategy is the one you’ve determined for yourself. Do that.
Hard to do perhaps, but if you are able to see your way clear to remove any bias, outside influence, even news, Do That. Instructive words are, Only Price Pays.
In the spirit of All-That-Matters-Is Support-and-Resistance, these charts are offered in the hope that they help you get sum.
Devil’s Advocate (by Moneymiser21)
With all respect to Al Pacino and Keanu Reeves, we traders find ourselves in a very interesting ‘Devil’s Advocate’ situation following Thursday’s CPI dump and pump.
A good ol’ bulls vs. bears mental match.
The bulls’ case received a few key boosts:
- Our dear bear leader’s 3500 SPX target being tagged, bagged, and bounced off of.
Note that that 3505.24 level on SPX marked a 50% retracement of the move up to a new all-time high from the COVID low.
(more…)Clarity
At the moment, I want the same thing I’m guessing you want: Clarity. Thursday’s rally was annoying. After sleeping on it, I would best characterize yesterday’s action as Wall Street feeding on itself. Nothing fundamental that I’m aware of changed in financial markets yesterday, and thus my overall view of markets did not change either. Let’s take a look at where we’re at, and where we’re heading. The market is moving fast, so I am writing this on Friday at 9:30am CST.
Let’s start by looking at the /CL to /ES analog, and the /GC to /CL analog. The /CL analog looks back at what /CL was doing 10 years ago to give us a useful echo for what we can expect directionally in /ES. I have circled on the below chart where we are currently, as well as where the expected bottom is (the election). This analog gives clues about direction, not magnitude, and it continues to point aggressively lower into the mid-term elections in November. After the election, the analog points to an uptrending /ES market into the summer of 2023.
(more…)Still Testing The SPX 200 Week MA
Apologies for this being the only post this week. I’m moving house in a few weeks and I’ve been really busy.
In my last post I was looking at the possible hard fail setup on SPX, NDX, IWM and Dow if the inverted H&S patterns that had broken up failed on moves back below the right shoulder lows on those patterns. On that fail there would be targets back at the retests of the 2022 lows and the last of those four low retest targets were hit at the low yesterday.
SPX tested the 200 week moving average for the third time this week and did an impressive pinocchio below it yesterday morning, though SPX recovered back over it quickly. For what it’s worth that was the largest pinocchio down through it since the low in 2009, excluding of course the hard break below it in 2020.
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