The rolling snowball that is the GS suit appears to be on a 45 degree slope, and it is growing with every revolution sucking in everything in it's path. They have opened Pandora's Box. No one knows how long or wide (global) this hill is, but it should only increase in slope as November comes.
Earnings Calendar -Just lots of them. MSFT, COF and AMZN with the most interest after the bell today.Nothing that will move the market before the bell in the morning.
Economic Calendar - Jobless claims fell for the first time in three weeks. PPI up on higher food prices. Home Sales at 10. Natgas at 10:30. Barry speaks at 11:55 (this may be a market mover).
Pivot Points - Know 'em
E-mini 60m - Yellow line is the bull market corrective's to resistance line. Green line is the move from February's support line. The blue line is support from early march. The interaction with each line is clear. What the bears need is a clean break of the two support lines. This mornings action can be seen on the far right. The futures were down, then ramped up then were promptly slammed 12 points around 4:30 this am. They gort slammed at the intersection of the backtest of the February support line and the bull corrective's to TL. The move was powerful enough to slam it all the way thru March support. The indicators on this 60m chart are weak. What the bears need is for this to be the last backtest and clear resistance to be set.
SPX Daily chart - Want to know what I think? See the green circle? It is a bit larger than I like, but We're a ways out and I hope to refine it as we get closer. Right now I am covering the 50 to 62% retracement from February lows, the support of the last low and the potential backtest of the bear market top TL all around what I see as the next cycle low date. Hopefully those cycles stay in tune with the markets. What I also want you to notice is just how small the moves are this week in relation to the bigger picture.
If today gets busy, I'll post what I can when I can. I don't see any strength as the banksters are running for cover and they may have lost Washington as their largest supporter. Maybe the tide has turned finally back to public interest and the games are ending for Wall St.
GL!
