Snow day for Shanky here in South Georgis. Waiting on 4-6" of some pow-pow to show up on my doorstep. I'll believe it when I see it. What's the forecast for Vancouver today? I feel sorry for those people up there, but still looking forward to the winter Olympics and Daytona this weekend.
China has raised rates again. The big news that pissed me off this am is that Toyota hired regulators to help hault investigations. The corruption is rampant. They care more about corporate health and profits than our own well being. You would think they are getting better and might be learning something from all this mess. Apparently they don't give a flip about our well being. Money talks.
Markets are at a precarious spot. The EWT folks are looking for another sharp move south very soon to save their most recent counts. They may get it as the markets try to hold upper resistance lines with the futures down. The mixed indicators have some (especially me) feeling a little leery about forecasting any specific direction at this time. The 60m overbought, the dailys have been bottoming for sometime and the weeklys are still headed south. I tend to lean to what the dailys have going on for true direction.
SPX daily - Which TL will be the upper resistance for the next turn? Trying to crack the dashed red TL now that has been proven resistance. On the other hand the blue TL below has been proven support. A break either way could be significant. Looking at the indicators the RSI 5 cracked it's downtrend line. Every other indicator is oversold and ready to turn. My old reliable S Sto has a bull cross. On the other hand the 60m is overbought and the weeklys are still headed south. Barring some reversal in the dailys forcing them to embed and even given the bearish action in the futures, I am going to lean to some more upside before any major turn south (which is coming). Maybe this move at the open today cures the 30/60m problem or they become embedded overbought. I'd call it somewhere in the 2 wave and not in 3 yet.1 is over. Possibly some more choppy consolidation. The BBs are still way to wide for any super volatile moves. 1103 max upside at this time. The bears party will just have to wait I guess. IF I AM WRONG (and since I decided to make a bold call against the grain) I'd say recent support at 1044 and the green bear market TL will be in play pretty quickly.