The algos grab it and launch it on any news bite they can. Here is the move from 1760 to 74. 14 points in a little over a day is the total move, but inside that there are four 5m candles that encompassed a total of roughly 18 points. So in a period of roughly 30 hours you had 20m to make your hay long (and you can forget trying to short this thing).
STB had been focused on the 60m 50 and 200mas as support. Guess what? They held and they should remain your first support triggers.
The 4hr chart shows the corridor between pink and blue diagonals I have been discussing for a few weeks. /ES has hit another ATH and is challenging the upper blue long term resistance again.
SPX Daily - Well, it appears they are attempting to enter another overthrow situation. If you see the black dashed horizontal lines, the first marks the original overthrow STB noted at the beginning of the year, and the second marks an similar set up here although in an already overbought situation with volume going away. Frothy? LOL, does not even come close to describing the insanity that this market represents.
Please note the MACD negative divergence (yellow box) and more importantly to me the neg div on the histogram. I have used the histogram as a leading indicator for a turn with great degree of success in the past. I have noted that the failure of this over the past week to lead to a turn has been somewhat surprising.
She's more than ready for a sizable corrective. The question is are they willing to let it correct, or will something force a correction?
As for TWTR and the numerous other IPO's this week, I could care less. We're celebrating the multi-billion dollar offering of a company that has not made a dime and may not ever. Does this remind you of any situation in the past? Yes, we're now starting to combine bubble characteristics from today and in the past. How nice.
As noted STB is extremely worried about the coming GridEx EMP drills that will be conducted on the 13-14th of this month in the NE. This drill offers a fantabulous opportunity for the next false flag event. This drill actually offers the chance for the next "big event" or another 9/11 type scenario that this administration desperately needs.
More to come below.
Have a good day.
GL and GB!