I was expecting SPX/ES to make a new high yesterday morning but it failed just underneath, which was a significant bull fail. ES then went to retest support in the 1826 area, breaking below the pattern trigger level on a small double-top targeting the 1815 ES area, but instead of following through on the break down ES then bounced strongly for the rest of the afternoon, which was a significant bear fail. (more…)
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.
Strength in Miners Affirmed
This morning, we all woke up the this news:
Looks Like Miners are Done Falling
Ever since they bottomed in mid-December, miners have been on a tear. Until yesterday, I was skeptical, but now that GDX and GDXJ have completely blown up their last levels of resistance, I’d say the long-term bottom is probably in. They’ll probably sell off to somewhat more attractive levels than what we’re seeing now, but maybe the gold bugs are, at long last, going to see their glory days return. The precious metals bear market – – at least for miners, I’m not 100% of the metals themselves – – seems to have finished up late in 2013. (more…)
New Highs on SP 500
There was a new high on SPX yesterday so, poor quality though Monday’s low was, the final move up to my wedge target at 1965 may now be starting. That was the rising wedge target I gave on 30th June and you can see that post here. The failure to hit rising support from the 1646 low however leaves open the possibility that the 1815 low might be retested over the next few days and that should be borne in mind. There is also a possible double-top in play now targeting the 1780 area on a break below 1815, but I’ll only be considering that seriously on a break below Monday’s low. SPX daily chart: (more…)
Unfinished Business?
I gave two important resistance levels on ES yesterday morning at 1823-5 and 1830, and ES blew through both of them. This action suggests that the retracement low may be in, and if we see SPX break over the last lower high at 1843.45 then the current downtrend will be broken. Furthermore we now have what look like failed double-tops across most US indices, and when these fail there tends to be a strong reaction in the opposite direction, so we may have now started a powerful move up. Nonetheless I think that the retracement low may still be ahead of us, and I’ll show you why I think that may be the case. (more…)
