Thursday, October 24, 2013

Morning Charts 10/24/13 SPX /ES

Goodness, so much to complain about I'm not sure where to start this morning. I've been telling you for years now all of this was coming. I've discussed repeatedly how things were spinning out of control at a rapid pace with the list of political, social and economic issues expanding at a rate that was impossible to manage. It was close to two years ago that I threw my hands up and gave up trying to address all the daily issues facing us in the morning blog posts. Lord knows the readers of STB are avid alternative media readers, and between that and the comment section here, there is really little reason for me to do more than highlight the financial and economic issues that will effect the market that day or week. Heck, what more is there to note financially that follow the Fed?

It's become a bit overwhelming to say the least. Well, at least this near the end game we can do summary analysis now. Something like, I told you Obummer would be the worst president ever and that his sole mission was to destroy this nation. Then I can point to the myriad of lies and failed policies all leading to the racial tension, the greatest wealth disparity ever between rich and poor, the mega expansion of the police state, the destruction of civil liberties and the Constitution, and the wasted money leading to the insurmountable debt that we all must bear of which the ACA is the cherry on top.

You must remember the foundation of every great socialist society is national health care. You're witnessing the turning of the corner from democracy to socialism. I hope you know that. More evidence? O's actively removing officers from the military that will not fire or detain US citizens and active troops are being questioned of their willingness to perform such actions. Domestic drones, firing on innocents, NDAA, NSA, DHS, and other draconian surveillance methods all lead to them changing the military oath from to protect and to serve the constitution to protecting and serving the State sooner than later.

Of course this will begin to culminate with the November 01 cut to the food stamp program. I'm pretty freaked out about this especially after a small glitch in the system last week proved that it would take just the smallest spark to set the poorest of the poor off, and that was GIVING THEM MORE MONEY not taking it away. Let the riots begin! This dude is about to severely piss off the poorest, most unruly, lest educated, and most violent section of the populace. Most surprisingly he's about to alienate the democratic voter base. Now, if he's willing to do that then what does that tell you about the presidential election in 2016? That's right, there may not be one.

You need to be ready come 11/01. I'd be stocked up on food, batteries and such. If you have any prepper items left to get I'd go ahead and get them. This is either a trial run for the big one or it is the big one. They are about to intentionally piss off a really large segment of the population. How will they control us? They will shut off the water and power and instill curfews. It's coming and it could be less than two weeks away. Get your ammo, water filters, batteries and food ready folks. This has potential to be a very unruly event.

On to the markets

More bad news is good news. At least that has not changed and still can be relied on. Futures Ramp On Declining European PMIs, Japan "Wealth Effect" Warning, China Tightening Fears

Minis 60m - Pretty simple stuff here. Price rode the green wedge up after the great stick save at critical red support all the way up to long term pink channel resistance and is now actually threatening a breakout. Beige and blue resistance above are another layer of resistance here along with old yellow channel support backtest. Want to discuss divergences? Look below. On this 60m chart alone we're on our 5th negative divergence and the market went into an overthrow on the third divergence - that's pretty extreme for such a short time frame and even more extreme when you tie it into the overall context. This is VERY toppy. I'll cove specifics to support and resistance below.

More to come below.

Have a good day.

GL and GB!

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