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.

Out With The Old Year, In With The New

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Today is the last trading day of 2023, and is the only significantly bearish leaning day this week. Historically the stats today indicate 38.1% stats for SPX closing green, and only 28.6% green closes on NDX. That doesn’t of course mean that the day will be particularly interesting, but intraday at least the last couple of days have been more interesting than I was expecting.

On the bigger picture, I was looking for a retest of the 2023 high on SPX to set possible daily RSI 14 and RSI 5 sell signals brewing, and we saw that. The high this week so far is at 4793.30, just 25 handles below the all time high, and I’m still thinking that a decent retracement looks very close, and that SPX might make a marginal new all time high before we see that retracement.

Either way we appear to be setting up for an interesting January.

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Boxing Day

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I hope everyone had a great holiday. I’ve had an enjoyable time at home with my three (adult) children. We’re not religious, but it is always a good time to see and enjoy family.

One slightly strange thing to the Brit eye about Christmas is that over here and in much of Europe the day after Christmas is a significant holiday too, always a Bank Holiday and called Boxing Day here. The odd thing is that Boxing Day doesn’t exist in the US and is an immediate return to trading the day after Christmas Day. That kind of works for me though, as I enjoy my work, and the days between Christmas and New Year are a good time to prepare for what is often a very interesting January. In my view the odds favor seeing an interesting January this time.

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Affirm Done

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Well, once again, here on ostensibly perma-bearish Slope, I had evidence of offering up a long idea that, in a matter of weeks, doubled in price. I’m referring to Affirm Holdings (AFRM) which, last month, I wrote this post pointing out the completion of its bullish pattern. I’ll follow this up by saying I think this 100% pop is pretty much all the potential I think this pattern has.

PLEASE NOTE I composed this post before today’s “micro crash“, and considering how AFRM got nuked, yeah, I was spot-on both up and down on this one.