Tuesday, August 14, 2012

Morning Charts 08/14/12 SPX /ES

It is what it is. S&P Futures Gap Up 0.5% -- That Is AllWTF is all you can say. Why bother attempting any rational explanation of that move?

SPX Weekly - Looks like they are being set up for the kill.

Bullish Percent - Worst divergence to price in years.

BTFD/STFR Chart - Not updated, but still just nasty.

Index Comparison - Trannies have apparently checked out already.

Minis 30m - Missed my STB point noted a few weeks back by a couple of days (blue intersection on the 10th at 1410). This is close enough for hand grenades. This is also the last instance of STB points that exist for the current run and formations. It took an unusual event to crack 1404 resistance last night, but they got it. Now, can they hold it? The falling blue diagonal at 1409 is resistance off the 2007 top - this is THE upper resistance.

Not much commentary necessary as the elite crony manipulators try and do their best to hang on to what's left here. The bears just have to wait out the storm (probably thru Jackson Hole). Patience will be rewarded. We're close to something major. Of course a catalyst of some sort will be necessary.

GL and GB!

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