Thursday, December 27, 2012

Morning charts 12/27/12 SPX /ES

As for the claims report this morning, TD at ZH puts it best, "In fact, judging by the market response, nobody cares about BLS data anymore, period, with absolutely no response by the market following the Claims print." See the minis chart below for the dud reaction to the data report.

I enjoyed A Canadian Summarizes America's Collapse: "Everyone Takes, Nobody Makes, Money Is Free, And Money Is Worthless" and think the read is well worth a look.

SPX Daily - I updated this last night. The indicators look sick. If support gives here you are looking to at least the 200dma at 1389 if not as low as 1340 just for starters.

Minis trading very narrow. Don't take your eye off of them though as anything can happen in this algo/news driven crazy world we trade in at any moment. There is an open gap from roughly 1425 to 1428.5 that looms above all bears would like to see closed. I'm a bit unarmed as the home computer is not as well charted as the one you see every day. I'll have to chart up the minis here a bit better to get the diagonals back. We all should know the s/r numbers I report everyday by now.

Happy New Year!

GL and GB!

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