Gold (shown below with /GC futures) is in a massive symmetric triangle pattern. It won’t be long until it resolves one way (bullish breakout) or the other (limps below the lower line and continues to suck).
Awaiting Resolution
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.
The IHS Threat
Good morning, everyone, and welcome to a new week. I wanted this post to be about a specific threat I see to the handful of equity bears left on the planet. It is a threat which has existed before, and was quashed, but worrywart that I am, I wanted to review it. It is the prospect of a bullish inverted head & shoulders breakout on the /RTY small caps (which, if successful, would be of aid in lifting the entire market up). Here is the recent price activity, which is fairly meaningless in the short-term. We’re basically at exactly the same level we were at the close of the cash market on Friday.
Sticky Fingers
This is yet another “told ya so” post. I am referring to a premium post from December 21st suggesting shorting the label maker Avery, which I saw was working on a head and shoulders pattern. Well, it has decided completed this pattern, and it’s looking better than ever!
Break And Rejection
Note from Tim: I woke up inexcusably late (6 a.m.) and was flabbergasted and absolutely stunned to see futures all red, at least for the moment. So this is what a bear market feels like, eh? I thought so. Anyway, I’m going to get off stage and let Jack to the talking, since I’ve got bulls to slay.
I was saying yesterday that if there is a rejection on the day after a break back up over a middle band, it is generally on the next candle, and we saw that yesterday. I also said that after a rejection there is generally a follow-through to the downside, and we’ve been seeing that on ES overnight so far.
(more…)The January Barometer
I’ve been promising a post talking about the January Barometer, which is a statistic from the Stock Trader’s Almanac, something that I have been buying every year for many years as it has a lot of very useful information for traders and investors.
This statistic looks at all Januarys that have closed down since 1950 and what happened over the rest of the year from there, and on those years overall. The stats for the rest of the year are that 59.7% of them close down for the overall year, and 48.7% close the year lower than that close at the end of January, which was at 4515.55 this year of course.
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