Pay no attention to the market. It means nothing. Well it means something, it is their disguise. It is their myth, cover, distraction leading you astray; far far away from the truth. The truth that is our economy has collapsed and is being supported by government spending, unsustainable debt, fiat/dollar creation and data manipulation. The truth is that the era of deregulation, greed and corruption is coming to an end. Hidden behind record all time market highs is the rotting corpse of America. Corpse - as in already dead.
So today watch your portfolios challenge their all time highs. Watch as the SPX, DOW and NASDAQ all challenge key round numbers. Today's Only Numbers That Matter: 1800, 16000 And 4000 and that's all. Don't focus on anything else. You're getting richer. Watch the hypnotist's watch dangling in front of your face. Spinning gold, light reflecting, spinning, you're getting sleepy, sleepy. Now relax and think of your happy place. That's it, seeeeepy, sleeeeeepy.
On to the lie -
I'll keep the focus on this third major overthrow.
SPX Daily - SC is down right now. I did update this chart this morning. This is Friday's chart. Bottom line is you see the E point. This is the E touch or final move of the large pink rising wedge that is the final move of the bull (in a bear) market. You can see the blue rising wedge overthrowing the pink wedge resistance and the black rising wedge overthrowing blue wedge resistance. The black dashed vertical lines connect the wedge overthrows to the indicators below. Each overthrow is in direct, almost impossible, defiance of conditions that demand a market correction caused by overbought conditions. This is pure fantasy.
Minis 4hr - The most recent rising green wedge complete with A-E touches overthrowing upper long term blue market resistance and the year long pink channel resistance. This is insanity.
I remain bearish. I'm not sure, but I can tell you this, I have never seen a more bearish setup than this in all my time charting, NEVER! There is nothing more to say other than what I say every day, follow the Fed. As long as they QE, the market will do as they wish. You can not fight it. All you can do is prepare for the end which will not be pretty.
More to come below.
Have a good week.
GL and GB!