Monday I will have a new web address. I will leave a link in a post here redirecting you to the new .com site.
30m charts are on their 5th divergence here (we saw eight in the September run if I remember correctly). Earnings all over the place as well as econ data. Retail disappoints as expected and that should bleed into the rest of earnings season putting a damper on upside enthusiasm along with climbing oil and commodity prices. I'm tired of sounding like a broken record, but at this point in the markets all there is to do is wait on liquidity to dry up.
This 60m chart is setting another divergence and looks to be rolling over for the 6th time since it's lows. You can see the gaps and some of the confusion regarding where to put the diagonals. I hate ugly charts, but that is all the market is delivering. Patterns and set points to form true diagonals off are simply not there.Fibs and gaps are evident.
If we get some momo south the minis have support diagonals near 71, 66 and 60. On SPX let's see if we can get price thru the 1274 level before going any further with the conversation (then 62 and 55).
Here is my SPX daily cycle chart again. You can see the purple wedge overthrow that I have been discussion for a couple of weeks now, the daily divergences and that price has entered my red box which means a turn should be very near. the turn at the last cycle point was extremely brief which should add to the severity of this next correction.
GL, GB and have a great weekend.