You know the drill, share the love and the knowledge.
What a week! And in the last four days of the week (with all that went down) the minis just hung in the low 40's. Think they are protecting something? Of course the minis sit precariously above the 40 support area and right at the near term resistance diagonal, pinched into a must go one way or the other on a Friday close. thanks a lot guys. Appreciate it.
The bigger picture -
SPX Weekly - Reversal candle needs confirmation. We still have a shot at a monthly reversal candle if next week we can get below 1514 which is the next support I have been mentioning. That would be cool cause then we'd also get confirmation of this weekly event. So now you know what I will be looking for next week.
As for the top - SPX weekly 13/34 - while doing this chart I just reworked I noticed the wave or bounce that the 13/34 had at the past two tops creating the bull trap double top scenario. Maybe they still have a run to 1600 in them? That, I do not know. You can also compare the various indicators and their current weakness to past tops at this level. This set up looks particularly nasty with and overthrow in certain situation (noting the Fed's interference and disturbance of anything "normal" happening here).
I have no idea what to expect this weekend, but the way events have been happening, why stop 'em now? They have the fear level at fever pitch and everyone looking at everything but the markets. Just how they want it I assume. As stated, I expect more and larger to come as they attempt to galvanize the American Spirit and prepare us for their planned implosion to come.
As usual, thanks for another spectacular week on the blog. Great job by all managing a really tough week. Thanks for all the assistance and input. Keep up the great work.
Enjoy the weekend.
GL and GB!