Finally, summits and rumors of solutions may not be enough anymore. With the US 10yr tumbling and projecting 1% or less yields the gig may be up for team manipulation. Later this summer looms many events that will be harder to overcome than those of the past. The August 20 Greek due date and the US running out of cash again are just a couple of highlights of what's to come. It appears that the weight of the debt and the pressures of the lies and fraud of the "recovery" are finally driving the crisis over the brink.
Minis 4hr - The end of last week brought a lot of discussion about tops and the close Friday was ominous at best. I posted another ominous chartapalooza last week. We wake up to a small gap down last night and price sitting on the critical 1341 level having taken out wedge support after diagonal resistance off the 2007 and '11 tops held.
SPX Daily - My confusion from two weeks ago regarding the charts being "ready" or not was warranted. There are still a few hiccups in the charting world, but things appear to be coming more clear as the economic numbers and rising rates in the EU assist/force price in the proper direction (down). My BTFD/STFR chart is horrific at best. As noted, anything over 1374 reuns out of oxygen quickly. The ultimate top ate 1420 may be set barring one last possible QE ramp extravaganza (more on this later this week).
Let's watch 1341 for a crack then the lower green support on the minis. !333 and 1323 will be key levels before 1300 and "Big Red" come into play. Things do not look good to say the least.
Have a good week.
GL and GB!