Morning Market Summary and Charts 05/03/12 #SPX $/ES

Not much for me to say this morning. I don't feel like beating the dead economic/financial horse today. Things are really bad, some get it and believe and other simply roll along in their cocoons and pretend not to notice. Funny the psychology behind the actions of individuals. Sad that we've become a nation of wussies that will let the government just do anything they like as long as they stay out of our way. Do you get the paradox there and where we're headed? Do you see the problem?

It is all a bunch of horse shit as nothing can be determined without knowing what the Fed wants to do. I hope you understand what the term centrally planned means. This is a hard thing to grasp for Americans. Bottom line is they control the flow of data and that data will represent what they desire in terms of strength or weakness which in turn either does  or does not give them the green light to ease further. Pretty simple stuff if you can allow yourself to believe in the controlled centrally planned state of the USSA.

Since January STB has been on the theme of patience, form and follow the Fed. Not to long ago I added wait for a catalyst to the end of that statement. About a month ago the charts really started to shows signs a top was coming. About a week ago all the charts aligned across many markets. With Twist ending in June I think the markets have precious little time left before this correction.

SPX Daily -

Minis 30m - Possible HnS (gray neckline) in RS now. Main thing is the upper red resistance and lower pink support. That is the range. A break to either side is cautioned against (of course I prefer down).

GL and GB!