Tuesday, October 15, 2013

Morning Charts 10/15/13 SPX /ES

Not much to say other than the deadline of the 17th is just ahead. Whether that matters or not is kinda a mute point as they will not default. The scare tactics are at a peak right now. We all know they will not default. We all know they always take these things to the 11th hour or beyond then wind up with some crappy deal that accomplishes nothing. Right now all we have is a bunch of political peacocks prancing around and preparing to put lipstick on a pig. Congratulations America, you now live in a dysfunctional socialist state that lives a lie supported by the arab spring protecting the perto-dollar.

Minis 30m - Rising wedge consolidating at the 78% retracement.

Minis 4hr - Rising green wede to the right covering this volatile topping process. I'm not really seeing the HnS some are mentioning, but I can see the case that is made that one exists. STB point at 1726 just above where yellow meets pink. Not sure it's possible, but who knows?

Not much commentary or analysis, cause we're in wait and see mode. Let them play their cards and react. That is all you can do at this point. the 61% retracement is gone, so a higher high should be in order if trend holds at this point. If it does not, then this very possibly could be the best area to short for long term play, but I'm not biting on that quite yet.

More to come below.

Have a good day.

GL and GB!

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