Thursday, October 10, 2013

Morning Charts 10/10/13 SPX /ES

Taper off, Yellen in, everyone knows we will not default, "it can't happen here", so whats the problem?

We're nearing peak absurdity, which can never be good. I think I'll leave it at that this morning. You've seen the news. It's quite sickening all around.

Minis 30m - For whatever reason you want to believe, she's bouncing - somewhat. The promise of a doveish Fed will do that to a somewhat near term oversold market (however that remains massively inflated). My second target off the top of  1647 and the critical red support have held for now. This point had to hold or else it would be game over IMHO and 1600 to 1574 would be in play. 1673 is next resistance which holds the 38% retracement and the upper blue resistance diagonal. Above that 1687 will remain a key support/resistance area.

Minis 4hr - My bull bear line has been lowered to the 1695 area. As long as we remain below 1695 and the 61% retracement of this move off the top, I'll remain bearish. Anything above 95 or 00 and the chances of a new ATH dramatically increase.

Let their game of Pong continue. Let them hold on to their dreams and delusions of recovery. The Fed and this administration are both literally fighting for their lives right now which makes them very dangerous. Keep an eye out for another false flag, preferably domestic. I do not know what they are planning. Not until they are ready or my "event" happens will they let the market fail. Remain patient. We're close.

More to come below.

Have a good day.

GL and GB!

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