Gold has bounced nearly 9% since bottoming early last month, and it is at not only an important trendline but also fairly near a major gap at 130.38. I haven’t touched precious metals much lately, but earlier today I shorted a medium-sized position of GLD with a stop at 130.39. (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.
Mind The Gap
ES broke under 1680 support overnight and the obvious next target is the possible H&S and double-top neckline at 1670.5. The last positive RSI divergence that I was looking at on Friday morning on the basis that these would usually reach the 70 level on RSI has failed to do so as the 30 level on RSI has hit overnight instead. ES 60min chart: (more…)
BB Pinch
The opening setup I was looking at yesterday failed for the second day running. This is a very choppy market on ES, and not much seems to be working well apart from the buy and sell signals on the 1min and 5min RSIs. There isn’t an opening setup today on ES, and perhaps that’s just as well. What I would say from the ES 60min chart below is that there is unfinished business on the upside from the last 60min RSI reversal signal. Five of the last six of these signals were followed by the 60min RSI reaching the other side (70 in this case) and that hasn’t happened yet. What I would add to that is that the current trading range, roughly 1670 to 1706 is one where on a break either way we should see a follow-through move, that there is clearly strong resistance at 1697, and that ES is currently trading below the 50 hour MA, which is still in the 1690.5 area. ES 60min chart: (more…)
Middle Band Bounce
The double-bottom I was looking at yesterday morning on the ES 60min chart failed, just above the trigger level which is where these patterns generally fail when they do, but the 60min RSI positive divergence I was looking at increased into the low just above 1680 and we have seen a very strong bounce from there. The obvious target is back at a retest of the highs, and an IHS has formed that targets new highs. ES 60min chart: (more…)
Chop Chop
There’s not a huge amount to go on in the short term equities charts at the moment and while that remains the case it’s worth remembering that most or all of these charts are still in the right areas to be forming the second highs of double-tops for the move up from the June low. I don’t think that’s what we’re looking at here but it should be borne in mind, and in the event we were to see a sharp breakdown from here then the target on ES would be the 1635 area. As I said, worth bearing in mind but not the most likely scenario at the moment. (more…)
