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.

Onward and Upward

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Last week I was looking at the IHS patterns that had broken up on SPX and NDX with targets at retests of their respective all time highs. We’ve seen some retracement this week but overall nothing has changed and I am still looking for the same targets, though the retracement has given more form to the current moves and is giving some clues as to where these moves will find resistance.

Starting with ES, where after the grind up on Monday I posted a chart on the subscriber twitter feed at theartofchart.net showing the rising channel established on ES Dec from the September lows, and with a slight adjustment that channel has held into the end of the week with a test of the low before the open yesterday morning. Resistance on that channel is now in the 3600 area so the IHS target is within that range.

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The Dish Decision

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I offer you greetings, once again, from the empty, eerie parking garage of the Stanford Shopping Center. Once the bustling destination for vapid trophy wives and desperately insecure men, this shrine to consumerism has been unsullied by human feet for half a year, except those of myself and the inhuman feet of my dog pack.

As many decades as I’ve been doing this charting nonsense, I still marvel at the simple beauty of things such as role reversal. Support becomes resistance. Resistance becomes support. See see that here with the /RTY, which gave the horizontal line which I drew long ago the kind of respect it deserves.

minrty
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Wednesday Morning, 3 a.m.

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I find it kind of bizarre that the reason du jour for bidding this market to infinity is yet another “stimulus” package. To me, it’s kind of like theta burn; the closer we get to election day, the smaller the chances of the political process conjuring up such a package (because, let’s face it, the package is nothing more than a blatant bribe for votes). As with theta burn, the rate of decay will increase as we approach November 3rd. For crying out loud, there are only 20 days left; do you honestly think the two sides, which hate each other’s guts, are going to make peace and throw trillions of dollars in bribes toward the public? I don’t.

In any case, the market is sure acting like it will. Here are some key earnings tumbling out before the open tomorrow. A couple of them are the boring, always-go-up, no-matter-what variety………

slopechart UNH
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