I posted charts on twitter yesterday afternoon showing a possible bull scenario and path back to retest the highs. As we have seen no key support break since those are still very much in play here. The SPX 5min chart I posted below shows the possible double-bottom forming and the megaphone resistance trendline that would be the obvious target on a strong bounce here. If we then saw a break up from the megaphone that should deliver a test of the highs. SPX 5min chart: (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.
Bounce Failure at ES 50 Hour MA
That was a very nice bounce setup coming into yesterday morning, and it improved with the initial spike down as a double-bottom formed on SPX to join the one on ES. Both double-bottoms broke up but soon ran into a wall at the ES 50 hour MA and failed there, which was bearish. Overnight ES bounced again and failed again at the 50 hour MA, currently at 1693, so that is main resistance coming into today and the bulls have nothing unless that can be broken. ES support is gap support in the 1683.75 to 1687.25 range, and if that breaks the H&S target is in the 1649 area. ES 60min chart: (more…)
So Far, So Gold
Yesterday I did a post stating that gold was facing a three-piece obstacle of resistance, and in spite of a surge of strength for the past two and a half months, it was about to flip around. Well, I’m pleased to say that my gold short is my most profitable positio of the day, and I’ve been augmenting its size all morning. It’s particularly heartening, as sheepish as I felt after Wednesday’s Bernanke debacle. (more…)
Friday Triple Witching
First today a great quote taken from one of my morning pre-market destinations at the Stock Market Almanac Blog, where they warn that the stats lean bearish today: (more…)
Triple Resistance
I have a lot of odds and ends to do this afternoon, so I wanted to get a post up before I commenced my (as my mother used to call it) “rat-killilng.” I shorted 450 shares of GLD today, with a stop at 133.68, based on a confluence of resistance that I see. One is the gap at $133.67 (hence the stop); two is the red trendline drawn from the late June 2013 low; and three, most importantly, is the trendline going back thirteen years to 2005, shown below in purple. I think the recent strength in gold is countertrend and will soon be reversed. (more…)
