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.

What’s Cookin’

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The stock market, that’s what.

Now that yet ANOTHER trillion dollars in government waste (AKA the “infrastructure bill”) has been approved, the prospect of more tidal waves of cash sloshing around have pushed equities to yet more lifetime highs. Let’s stroll through some important ETF charts. As usual, click on any chart, and it will fill up your screen as best it is able.

We begin with the diamonds, which had painted out ten red bars in a row, but have reversed hard and undone about half the damage.

slopechart DIA
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A Lot Of H&S Patterns Forming

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I was looking at something unusual in my premarket video at theartofchart.net this morning and that was a large number of H&S patterns both bearish and bullish. I don’t generally post my work here outside the equity indices but I’ll make an exception today as these are worth a look, and all really coming out of the reaction last week to the Fed indicating that tapering of COVID measures is starting soon in the US.

The first of course is the possible H&S forming on SPX that I was writing about yesterday. This is in the ideal right shoulder area and SPX is now in the inflection point seeing if this will now break down. If it doesn’t I’ll be looking for the high retest, but the historical stats and setup here are favoring a break down.

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SPX Topping Options

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Friday was very weak, particularly for a big opex Friday, and SPX broke down through the daily middle band, currently 4215 area, the 50dma, currently 4183 area, and on ES even briefly broke down below the monthly pivot. We are seeing a rally this morning and I was giving the ideal rally high area on my premarket video at theartofchart.net in the 4230-5 SPX area. The odds look good for a reversal there into lower lows.

SPX daily chart:

SPX Daily
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NDX Topping Setup Completes

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I had a couple of overhead targets that I was looking for this week, and the chances of making the ambitious one on SPX in the 4350 area finally withered and died with the hawkish FOMC comments yesterday.

The more important one was on NDX however, and that has completed as expected this week, with the final part of the topping setup there completed with the new all time high today.

There is now a very attractive nested double top setup there, and a possible daily RSI 5 sell signal is brewing.

NDX daily chart:

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The Squeeze

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As a reminder to those of you interested in cryptocurrencies, Slope has the best crypto charts around in SlopeCharts, the latest news, as well as real-time streaming crypto portfolios. And we’re working on more features.

Yesterday, Sunday, I decided to re-enter my two favorite crypto charts, Algorand ($ALGO) and Cosmos ($ATOM). What we’re facing now is a key decision point. Looking at the short-term ALGO chart, we need to push past the red horizontal. If we can do that, we’ve got an excellent chance for a truly substantial move higher. It’s the range into which we’ve been boxed (everywhere!) that matters.

slopechart ALGO
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