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Slope of Hope Blog Posts
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Choices Choices
SPX did the lower low I was expecting in my last post and found support at the rising support trendline from the March 2020 low, as I had suggested it might.
The strong rally since then is now within striking distance of a retest of the all time high, and if seen, the normal range for the next high of 3% to 4.5% above the 45dma, now at 4598, would now be in the 4736 to 4805 range. That is particularly interesting as that range includes the retest of the all time high at the lower end and I have the main resistance trendline on SPX at the upper end in the 4800 area.
(more…)Clean-No-More
Good morning, everyone. Hey, bring next week back! That was a lot more enjoyable.
Well, here’s the bad news. As of yesterday, even in the face of a huge rally, things were still a-ok. Patterns were intact. Gaps were at a distance. Charts, as I said, made “all the sense in the world.”
Extraordinary
I noticed something quite interesting. You see, I am surrounded by screens, each of them representing a different important market. I noticed on the NQ that it hit a couple of red lines and then started falling. I was curious what those red lines might be.
Approaching Key Support
I was talking in my last post on Friday about the likely mean reversion move coming that should at least return SPX to a backtest of the 45dma, now at 4549. The low so far today has taken SPX down to the 4565 area, so that is getting close, and SPX is now in an area where it may turn back up, though I think a test of 4540 is likely at minimum before that happens.
SPX daily vs 45dma chart:
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