And so here we are. Equity futures are green across the board, and the /ES is positively slammed against the underbelly of the broken trendline. The waiting is the hardest part, right, Tom Petty?
Mushed
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.
Crime Scene Bear
There have been a couple of very decent looking short setups here on SPX and NDX this week, and both times the markets just ripped up through them. The bear flags formed and broke up, the SPX, NDX and INDU broke back up over their daily middle bands and are now testing their monthly pivots, while multiple hourly sell signals that had fixed at these obvious resistance levels failed, including two each on ES and NQ. Altogether it was an ugly week for the bears.
King of the Trendlines
There’s no doubt about it. This broken trendline, dating back a full ten months, is the crucial dividing line for the markets. It held fast all day, in spite of multiple attempts to bust it.
Either/Or Setup on Crypto Here
In the short term there are very clear bull and bear scenarios here on Crypto, clearest on SOLUSD (Solana), though on the bigger picture these are still likely bull flags forming.
In terms of that larger picture, resistance is still at the daily middle bands, and on BTCUSD (Bitcoin) that is currently in the 61,246 area. A sustained break above that likely signals that the move to retest the all time high at 73.8k is in progress.
BTCUSD daily chart:
Bull Flags on Crypto ……. Unless
A decent looking low on crypto was made a few days ago. On the bigger picture these are likely bull flags forming on BTCUSD (Bitcoin), and SOLUSD (Solana), and probably on ETHUSD (Ethereum) as well, though the setup is muddier there. All three are still below their daily middle bands though and, while that remains the case, we could still see lower lows before they likely go higher.
SOLUSD daily chart:
