Wednesday, October 23, 2013

Morning Charts 10/23/13 SPX /ES

What's there to discuss? How CAT is run by a bunch of morons that don't know how to cook their books like all the rest? Taper on in China means markets off here? How CNBS had posts that say market is technically sound?

Well if you call a house of cards technically sound, I guess that's all good. Coming from the government's main propaganda machine, sounds good to me, right? If you call monthly, weekly and daily negative divergences on markets at all time highs supported by endless fiat printing technically sound, be my guest. It's all good. Ah, the new normal. Just kick back and enjoy it.

Minis 30m - Pretty simple, Green rising wedge (bearish) runs to upper pink channel resistance (bearish) with multiple negative divergences (bearish) as the upper BB gets abused (bearish) for the 4th day in a row as price continues to set new all time highs. Where do you think it should go? 1706, 1687 and 1671 are support. That 1671 number is most disturbing as the red critical support diagonal is really starting to get a lofty number associated with the support it offers. Sub 1734 and the 1710 38% retracement and 06 support should be your first target. for you momo worshiping upside shills, the numbers are 1766 to 71 as ultimate resistance here.

Not much else to say right now. Those numbers above should be very sound targets. Very dangerous here as the chart shows, there is little support below this latest run and anything sub support should bring the critical red support into play. Interesting as a break below the upper pink channel resistance brings 1605 into play as that is lower pink channel support.

In the most disturbing news this morning The Regime of The Long Knives – Obama Fires 2 More Military Leaders, What’s He Up To? When they start eliminating the ones that disagree with friendly or support ethical fire you need to start really paying close attention. Add this to the recent Chase capital controls and many other issues arising and you should be able to start putting the pieces together for yourself.

More to come below.

Have a good day.

GL and GB!

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