Oh my Lord. This was SO nice:
The ES Was Clean as Can Be!
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.
A Decent Start
So far, the reversal at strong resistance at the monthly middle band and the main support/resistance trendline from the 2009 low is proceeding as expected. Monday was bullish as expected, there are high quality double tops formed on SPX/ES, NDX/NQ and INDU/YM. Yesterday there was a decent rejection from Monday’s highs and today, leaning 61.9% bearish, would be a good opportunity to confirm yesterday’s slight closing break below the SPX daily middle band.
The next two weeks lean bearish, with strongly bearish leaning days today, Thursday 11th May, Wednesday & Thursday 17th & 18th May before we see the next strongly bullish leaning day on Thursday 25th May. This is a good time for SPX to turn down and do some significant damage to the downside. The key to the day in my view is whether the weekly and monthly pivots, both currently at 4130 can be converted to resistance today. If we see that and the daily middle band breaks with any confidence, then the path to the downside will be open.
(more…)Another Failed Saucer
Yet another example of an otherwise bullish pattern souring because we ARE in a bear market, and this isn’t the right environment. In this instance, this is Fiverr (FVRR), which I’ve actually mentioned multiple times BEFORE this happened as exactly the kind of stock that’ll sputter out before it flies higher. These are seeds planted on stone. They will not flourish.
Big Lots, Big Success
I was thumbing through charts, and the symbol BIG caught my eye. It had a beautiful head and shoulders pattern, and I remembered writing about it (yes, with nearly 40,000 posts under my belt, I remember them all). Here’s what I said to my beloved Gold and Platinum users early last year:
The Demise of Textbook Rentals
Just in case you don’t believe in the power of the head & shoulders pattern:
