Friday, November 1, 2013

Morning Charts 11/01/13 SPX/ES

"Welcome, Christmas, bring your cheer. Cheer to all Whos far and near. Christmas Day is in our grasp, so long as we have hands to clasp. Christmas Day will always be just as long as we have we. Welcome Christmas while we stand, heart to heart, and hand in hand." Dr. Seuss How the Grinch Stole Christmas

OK, Xmas already STB? Well, yes and no. Yes because I love the season and really try to get as much of it as possible. Time flies and somethings you want to last a bit longer. IMO the day after Halloween starts the party season, so why not? 

No because Christmas is the season for giving to and caring for others and our resident Grinch has allowed the goons to cut the food stamp program so the poor get poorer. There is no joy in Whoville these days. No one is coming together to hold hands and sing the praises of this newfangled savior the way they did on 2008.

Our resident Grinch just launched his signature legacy Ocare that is instead of getting healthcare to more and cutting costs will decrease the quality of care, amount covered and increase costs.The Whos down in Whoville are getting royally screwed. The Grinch came, stole and is not about to return from the top of Mt. Crumpit.

And if that was not enough, the Grinch's DOMESTIC police force is growing stronger every day. With over 2 billion rounds of ammunition (enough to fight like 20 Iraq wars) and every possible person in the government armed all the way to the postal service, it does not sound like they want to be singing heart to heart and hand in hand with us does it?

"You're a foul one, Mr. Grinch / You're a nasty, wasty skunk / Your heart is full of unwashed socks, your soul is full of gunk / Mr. Gri-inch / The three words that best describe you are as follows, and I quote: Stink, stank, stunk"

So instead of we having we, we have a wedge driven right down the middle of everything. Instead of being a Nobel Peace Prize winning unifier of the world, we have a drone bombing, war intensifying, divisive, intrusive and oppressive tyrant. How nice. 

The point of all this is without We, without all the Whos down in Whoville coming together, the Grinch will rule from on high with an iron fist. The Grinch will continue to illegally destroy the Constitution and take our rights. We need to use seasons like this to come together and put aside our differences or we may not have the season to celebrate much longer. 

Merry Christmas bitchez! I started fearing this a couple of years ago and I fear this now more than ever, celebrate this one cause next year you may not be able to. The Grinch is in town and he may just be here to stay till he decides to leave or dies.

On to the lie - 

Minis 30m - STB has been discussing the 50 and 200 ma's on the 30 and 60m chart the past few days. I suggest you keep your focus there till they bust or hold, whichever the Fed decides to happen. Here the gray 200ma busted, then the bear cross of the 50/200, and now the 50 is solid resistance with the 200 resistance just above.

Minis 60m - Here the 200 has been solid support the past few days and the 50 is about to bear cross. A possible small HnS is in there which can be a good or bad thing for the bears. The 28% retracement sits along the busted LT pink channel resistance. A move to there is a backtest of busted resistance, so the bears can't get all too excited here just yet. That line needs to go first.

Minis 4hr - Want to see triple MA support? Well here you go. the 4hr 50ma is in play as well. This makes this support point a rather significant one to hold for the Fed. Losing this 1754 area could hurt. They are trying to protect it. there should be a fair amount of sell stops under it. 1722 and then critical red support near 00 would be next. 

SPX Daily - More than ready for a really large tumble that possibly takes out critical support is an understatement. Overthrowing that last rising wedge with all those divergences (not to mention the lack of fundamentals and the fact that the Fed is everything) is not a pretty sight in any instance. It's just a matter of when not if now. The when being when the Fed wants to let go.

More to come below.

Enjoy the weekend.

GL and GB!

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