US manufacturing expanded again last month as July’s strong pace was maintained in August at 55%+. New orders increased at a healthy rate of nearly 5%, but right along with this prices also increased by 5%. (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.
One More Heave
SPX broke up from the rising support trendline from 1343 yesterday and the next targets are the middle bollinger band, currently at 1661, and the 50 DMA, currently at 1663. I think this move is most likely a counter-trend rally and I don’t think that the rally high is in yet. SPX daily chart: (more…)
Important Day
SPX had a weak day and filled the very large opening gap in the afternoon. That was weak and bearish action, but while it weakens the idea that a full retracement low is in, it doesn’t rule out a rally going higher in a continuing downtrend. Looking at the daily chart the last four trading days have been crawling up the key rising support trendline from 1343. The rally targets that I was outlining in Sunday’s post require only that rising support from 1343 is not broken and that a lower retracement low is not made. As long as that remains the case that rally scenario is still very much in play, and the obvious upside targets on the SPX daily chart are the 50 DMA, currently at 1661.5, and the daily middle bollinger band, currently at 1663. SPX daily chart: (more…)
Monthly and Weekly Charts on Gold and SPX
Hi Folks,
I am on vacation for another two weeks and so I will not provide much commentary with these charts. I am going to combine the monthly and weekly charts together for this post. (more…)
Mind The Gap
I covered the short term bull case on SPX pretty thoroughly on Sunday, so I won’t cover that ground again today, and here is the link to that post ‘Cave Taurus’.
Since then ES has rallied as high as 1649, breaking up from the double-bottom there with a target in the 1665.25 area. That double-bottom has an equivalent on SPX and if we see that break up in regular trading hours (RTH) then those patterns are both targeting the same area. 50 hour moving average support is now at 1642. ES 60min chart: (more…)
