Morning Market Summary and Charts 04/30/12 #SPX $ES

I hate stupid things. I hate them with a passion. Now, we all do some really dumb stuff. No one is immune to the brain fart. What I'm talking about is the moronic skanky horror flick dumb. You know, where the super hot blond in the daisy dukes and halter top is about to enter the room where the chain saw wielding ax murder is waiting. You know, the room that she should never go in but for any other reason that it exists. And the result? Duh!

Why am I bringing this up? Simple, this is what the Fed and your government (well, governments and CB's all over the globe) are doing right now. By printing to cover up the true problems and not addressing the real underlying issues they are walking straight into that room just like that blond (except they don't look near as good, they  resemble the pig with the lipstick).

We are at a point where our debt has risen from 12 trillion to 16 trillion in the past three or so years under this spend first and never solve anything administration, and we're talking about adding another trillion here this summer (and the next and the next...). I can't stand watching this movie cause the ending is so predictable. You wonder how the smartest economists on the planet with real time data covering every penny spent on the planet can get this all so wrong? The answer to that is a rant for another day, but most readers here know the answers.



Minis 4hr - there is still a shot this is a right shoulder. It is higher than the left, but it could still work. Again, what catalyst will come to take the market out at its knees is left to be known. Upper RED diagonal resistance off the 1419 top has held for now. Note the 4hr 200ma move thru the chart. Note its position at 1386 support just above the PINK LT diagonal support odd the November lows. The Fed has lifted price to a point where it almost has to breakout or break down.

SPX 60m - Another look at the possible head and shoulders formation. You can see my first target 1342 in the green rectangle. The tops of the shoulders here are pretty symmetrical.

SPX Weekly - The larger head and shoulders possibility leading to the big move south. If you believe this is a "bull market you are correct, it is nothing but "bull".

Patience, form, follow the Fed and wait on the catalyst. Twist ends in June. The markets should top before then if they have not already. I'll get deeper into the charts as the week rolls on. I'd honestly like to see a higher high on cash which would put it in line with the last three major tops.

I may get deeper into the news this week in the AD's. I've been ignoring them a bit lately more out of frustration than lack of things to write about. I'm really disgusted with what our government is doing and has become. With you, I'm learning how to deal with the destruction of a great nation. It is a very disappointing event.

GL and GB!

Minis 5m - there is a Shanky Point near 11:30 today where pink support meets 1386 price support. All the key levels are clear as day on this chart.

The BIG news of the day (to me at least) - Was Breitbart’s Coroner Poisoned to Death? Alex Jones' Infowars