Now back to the daily topic of modern finance, it appears that the
The bailout bonanza is under attack. The magnificent solution to the global debt crisis that has worked so well so far (insolvent entities printing and lending to other insolvent entities so they can lend to other insolvent entities) is apparently hitting a rough spot for some reason. Germany Pulls The Punchbowl As Usual describes Germany's latest rejection of life support for the regional outliers and other core EU nations.
SPX 60m - The 38% retracement and the 200ma stopped the last move up here with the negative divergences. Here we are again at the same levels and the 200ma just above. NT overbought conditions are still working their way off. Of course none of this really matters as bailout nation awaits the next stimulus announcement which is the only thing that drives price these days. Yesterday I mentioned that the falling wedge may just be resetting its upper resistance diagonal. Keep an eye out for that. Resistance points are clear.
Minis 60m - Yesterday morning I mentioned the possible HnS formation missing the RS. Well, we now have a potential RS in place. Neckline is around 1301which would target the 1260 support (and gap) area. this also fits well with my thoughts that price would remain range bound prior to the FOMC meeting on the 20th. Green, red and pink diagonals still dominate price.
RUT Futures Daily - Here is a quick look at the RUT which is in a large blue channel down. After meeting the HnS required target it appears a range is being set. 785 to 713 is the (rather large) consolidation area.
NASDAQ Futures Daily - 2438 support can not be overstated. Major battle here.
DOW Futures Daily - Not doing us any favors here as this patternless pile of poo trades just under 12724 resistance.
I'll do a chartapalooza soon to get you caught up on everything else that is happening in the investment universe. As usual, read the comments below for more specific charts and commentary on price.
GL and GB!