Thursday, June 21, 2012

Morning charts 06/21/12 $SPX $ES

Something is missing? I'm not sure what it is, but the markets reactions to the news yesterday is too muted. I can't quite put my usually reliable finger on it though. Zero Hedge even reads a bit more gloomy than normal this morning. Something is just not right. Like team manipulation implemented some sort of new diversion tactic and has us all looking in the wrong direction. I can't explain it, sorry I may be rambling, but something just does not feel right to me this morning.

Minis 4hr - The nearly completed and consolidating rising blue wedge.

SPX 60m - The wedged with what appears to be a blow off top (near term) working off a third negative divergence at the 61% retrace and 1360 resistance area. ABC for C=A target is right here as well.

SPX Daily - Nothing here says this run has to or should be ending. The weekly charts actually are starting to look like a more sustained rally is now possible (if you can believe it).

Like I said, something is missing, something did not happen, something disappeared, I'm not sure what, but I'll find it or figure it out. If you know what it is, please tell me. More charts to come below as usual.

GL and GB!

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