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.
Veni Vidi Vici
In my premarket video on Tuesday I was looking at the setup and the historical stats and, was saying that a consolidation was likely to start the week and, then we would see what the bulls could do with the very bullish historical stats on Thursday and Friday. Well, they came, they saw, and they have conquered so far, so as it stands we now have the start of what could be a serious bullish break up on SPX.
Short term though, SPX is so stretched that the high on Friday was only three handles below the close on the daily 3sd upper band, which is a rare event, so I did what I like to do with rare events, I looked back and crunched some numbers looking at previous examples.
(more…)Verizon’s Horizon
Knock On Wood
I was talking to a trader friend about resistance levels a few years ago and I remember him saying to me that the more often you knock on a door, the more likely it is to open. In effect what that means that however strong a resistance level is, and however often an index may fail there, if it keeps returning after each failure, then sooner or later it is likely to break up, and that may well be what we have been watching here on SPX.
We don’t have a confirmed break yet, but SPX closed May significantly over the monthly middle band, and so far today has been pushing through the main support/resistance trendline from the 2009 low. If that breaks and converts to support, then the path would be open for a possible retest of the all time high.
(more…)Fake or Real?
This could be bad. What today’s action may represent is, at long last, a completion of a massive inverted H&S bullish pattern which could blast the market, ultimately, to new lifetime highs. Or, as with last August, it could be a merciless bull trap. Id’ say the one big difference that gives the advantage to the bulls is the fact that the base is about five times larger than it was in mid-August.
