I guess JPM can break all the mirrors they want or walk under as many ladders as they care to. Who else can do what they have done and still manage to pull off (what appears will be) a green opening? I guess the unwritten rule would be if you bet against them, you or your company will be sleeping with the fishes Luca Brasi style. Capiche?
I guess the roughly $2 billion that JPM "inherited" from MFG and PFG must have improved the bottom line enough to make the earnings goblins go away. What a wonderful world we live in today.
Gonna make it simple again today, no need in over analyzing anything just yet.
Minis 60m - Wednesday I said that I thought that blue wedge support would hold and that we'd most likely consolidate between 1341 and wedge support. Somewhat surprising to me, blue support got a healthy crack yesterday, but the permariggers managed to pull off yet another stick save. I then mentioned two possible STB Points as backtest areas. One at the upper yellow channel and blue support intersection. The other is where blue support intersects 1341. If this thing fails this afternoon or Monday at the backtest of 1341 it could be all she wrote. Then again if they can get price back above 1341 that may be able to levitate it for a while, but serious upside (esp above 1375) should be out of the question,
Minis 4hr - there are trying to breakdown the blue wedge. We all know the market is floating on nothing more than hot air and liquidity generated by the Fed. The question is when do they want to let some air out? Can or will they do it now during earnings season or will they wait? Beats with bad guidance is not the best combination for either side of the trade right now and that appears what we may get a lot of (hurdle lowering). Big Red looms at 1300 for support.
SPX Daily - About the only things that are keeping me from screaming that all bloody hell is about to break loose on this chart are the RSI 14 at the 50 (sometimes support) line and the SPXA50 never reached the truly overbought 400 number. You can clearly see all the support and resistance points marked by the arrows. Can price crack (for real) the rising wedge? I'll tell you this, if it does 1300 will be the next stopping point and that may be run thru like a hot knife thru butter.
Have a great weekend!
GL and GB!