Tuesday, October 1, 2013

Morning Charts 10/01/13 SPX /ES

OK, a day or week without the handler present will be nice. I wonder if Disqus will perform a bit better?

I must say I'm finally pleased with something our government has accomplished. Finally, someone stood up to the liberal socialist party. This along with the defeat of the gun control bill give a glimmer of hope that there is still some sort of representation that are listening to the sheeple in DC.

Funny, but this post from Zero Hedge sums it up as well as I could, "Certainly, when one sees efficiency like that at not working what can one say but: government work. Hopefully the shutdown does not endure, or else "broken email checking habits" may persist, and suddenly government workers may become even more inefficient once they return to "work."" Will we miss the government at all may be the question? 

I'm seriously concerned with the false flag potential that abounds from this government shutdown situation. There are two potential FF instances, the FEMA region 3 in October and the grid shutdown in November, being discussed along with the bank cyber attack drill in October in alternative circles right now. With the government in shutdown mode, I'd personally be on extremely high alert right now. This set up is perfect for an "event"

The THE BANKS ARE GEARING UP FOR THE COLLAPSE - Dave Hodges interview posted in the comments last night by Dchrist81 is a must listen. They discuss the coming false flag potential, the illicit MSM, corrupt politicians and what's coming with the financial collapse. This is an excellent fact filled discussion and not the typical rant. It's the type of conversation that can sway some of you on the fence to where you need to be regarding the coming collapse.

On to the charts -

SPX Weekly - Dull chart, but the indicators on this WEEKLY chart are the reason I'm showing you this. On the chart I will note that were just above the apex of the pink rising wedge that should have ended this farce. These points can invoke severe transitions where over or under throws of wedge formations finally react to the overriding formation's purpose. Also on the chart the blue support diagonal is a major support. I believe if this goes we move to the pink support diagonal, which if that fails it's all over. As for the indicators, the red lined negative divergences tell the story of just how weak this run is. Since the overthrow began in January of this year (negative divergences crushed and upper pink long term market resistance got trashed) the indicators have/are screaming that price has very little if any support here. Bottom line is we're set up to crash through the apex of the end of the pink rising wedge. This brings a 13 handle into play rather quickly. Tie this with the government shutdown and the false flag potential, and WHAMMO! you truly have a setup for and end game scenario.

Minis Daily - So tell me, the government is shutdown, we have all sorts of dire financial and economic issues, the EU is totally screwed, and so on and so on and the futures are up 2.25, does this make any sense at all? Well, I'm cheering the shutdown as a positive, that's for sure, but the futures are up? What a joke this whole market is.

Yellow support is gone and my 1666 first target off the STB point reversal was hit yesterday. The 50dma has price here, and I'd suspect there are some sell stops under it. 1647 is next, and it and red diagonal support are critical for bully. If that fails then 1600 comes into play and a GG or game over situation is at hand. There remains one last  STB point near 1762 in mid-October that scares me as a bear, but other than that, I see no more upside potential.

Minis 60m - The HnS situation did not generate a RS ramp amazingly enough. Yesterday's gap did NOT get closed. Here you get a better look at support and resistance.

Minis 4hr with fibs - Lots of fibs! Fibs off the last three major lows. Right now I'd be looking at 1663 where the pink channel 50% diagonal sits with a 38 and 61% fib confluence for real support. The next points would be 52, 24 and then 1579.

Enjoy the days off handler!

More to come below.

Have a good day.

GL and GB!

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