Monday, August 5, 2013

Morning Charts 08/05/13 SPX /ES

I can't say it any better myself, "Compared to last week's macro-event juggernaut, this week will be an absolute bore, although with a bevy of Fed speakers on deck - both good and bad cops - there will be more than enough catalysts to preserve the "upward channel" scramble in the S&P and the zero volume levitation to new all time daily highs despite the lack of daily bad news." So, get ready for the roller coaster.

Seriously, how am I supposed to guide you from here when the wind that blows will literally change direction and speed about 10 times this week? What I'd try to glean this week is some truth to the taper or more QE. I have a feeling the Fed's propaganda game will be putting a full court press on Mr. Market, doing their best to sway everyone to the preferred side of the boat. This of course in the long run will be the wrong side of the boat to be on, but who cares.

Here are a couple of pictures - I'll discuss hem more below and tomorrow in the post.

Minis 60m - Yet ANOTHER channel up. Red and green resistance above and peach major support below.

Daily SPX - Eight failed reversal candles and now an 11th negative divergence - you know, what can you do or say.

More to come below as usual.

Have a good day.

GL and GB!

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