Monday, June 24, 2013

Morning Charts 06/24/13 SPX /ES

I'll keep the post really simple this morning - only 100% completely rigged market would be at these levels given everything that is and has happened globally over the past five years. I'm not sure if end of taper talk can save them now, but I guarantee that the slightest chance of continued easing is the only reason the SPX is above 1300 (or less) right now. Everyone is in on the lie. Everyone knows nothing is real. Everyone just turns their head and prays they don't take the money away.

Again, I'm not sure why I need to sit here and remind you that China is imploding. run thru the weekly PIIGS decimation report, Japan, cover the never ending BS from the BLS and all the other really bullish economic activity (bad is good). You can't miss the news these days (well, if you read the right sites on the internet). None of it matters when they have co located servers that preempt all trading activity, and a margin account that can cover half the total market.

There is no need for charts to spy a top. That will happen when they decide. Maybe they are prepared for the top or maybe this is a trial run to feel the market's reaction out. The  charts will one day work quite well marking downside targets and support points. Maybe this is the time. Maybe someone finally took a bullet in the game of global financial Russian roulette?

The charts are ready, the ending year lone rising wedge the overthrew the top line resistance should be the end all formation. the top should be set. I really don't see how they can fend off much more of the economic malaise. Over over a year and a half ago I gave them to the first quarter of 2013 as the end point for all this BS. Only because of a last blast of desperation did my call not make it. It appears I missed the call by one quarter. Sorry when looking that far into the future things are not always so clear (/s).

On to the lie -

I know you all want charts and targets. I know you all want a top call and clarity. I promise I do the best I can. I can, as proven, and will pull the trigger on a top call, but I will reiterate this time is different. All the Fed has to do is slightly change their wording and poof the shorts will be evaporated again.

The Fed can not stand for rates to rise much more. If the Fed is serious about the taper than it is game over for everyone and we're going into the greatest depression this globe has ever seen. I believe they have to fight this till they can't any longer. Either way, the end game result is the same, so why quit now?

Daily SPX - If cash does not stop at the (pink upper wedge resistance backtest) support at 1570, then it's going to the round level and the 200dma near 1500. 1474 would be another logical target.

Minis 4hr - Yellso upper wedge backtest and the 1541 potential neckline. Been looking for that for a couple of weeks now. An ABC corrective off the top  measures to 1551. Green channel support has price here.

More to come below.

Have a good day.

GL and GB!

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