Tuesday, December 11, 2012

Morning Charts 12/11/12 SPX /ES

About the most exciting thing I can come up with this morning is that tomorrow is 12/12/12. As for the markets and news, dead till the fiscal cliff is dealt with which will not be till the 11th and final hour if even then.

I refuse to write about the FC talks and issues cause that is a waste of my time and yours. In the end, just like in the past, they will do nothing to cut and increase spending. We've discussed the "math" for years now and the STB readers get it. They could balance the budget and that would still not make a dent in the debt issue. To put it (seasonally) our goose has been cooked for years now.

I could go into the currency wars with Bank of England Warns of Global Currency Wars, but that is no news as Mish says, "By the time central banks warn about something, the practice has likely been going on for years." I could cover the false flag to come in Syria and the planned MENA destabilization but that is redundant. HSBC money laundering hand slap? Like anyone is ever going to jail? If you want to know more about these just let me know below.



Minis daily - They churn it up in hopes of a FC resolution and that all will be well and the great stick save will come one more time (as seen on TV). Falling blue channel off the top thru big blue (old market resistance off the '07 top), thru white market support off the October '11 lows and stopped at market support at 1341. Green wedge up to backtest green (double HnS neckline for '11 and this year), and now channeling out of the bottom of the completed wedge/retracement holding white support just under green resistance. Complicated? Not really. there are just a lot of big diagonals and s/r points in this area and price is meandering because of all the uncertainty and EOY stuff going on.


Minis 60m - Upper end of the green rising wedge and the most recent channel (yellow) under green resistance and above white support.


SPX Daily - Holding backtest of the large blue wedge at the 50dma. It is the perfect spot for a major reversal. As mentioned I'd like to see the SPXA50 hit 400 and a divergence is setting up nicely on the NYMO (my STFR/BTFD chart will show up again soon here).


And never forget -


“And the Grinch, with his Grinch-feet ice cold in the snow,
stood puzzling and puzzling, how could it be so? It came without ribbons. It came without tags. It came without packages, boxes or bags. And he puzzled and puzzled 'till his puzzler was sore. Then the Grinch thought of something he hadn't before. What if Christmas, he thought, doesn't come from a store. What if Christmas, perhaps, means a little bit more.”


― Dr. Seuss, How the Grinch Stole Christmas



Merry Christmas!

GL and GB!

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