"while gold is finally spiking as the realization that absolutely nothing has been fixed, that apparently nobody got the taper is priced in memo, and that soon the Fed will have to untaper, begins to spread. Are the central planners finally starting to lose control?"
Let's hope they are finally losing control so we can get this Keynesian BS over with so we can get on with our lives.
I still have not fixed my ToS here at work. I did post several minis charts last night in yesterday's commentary. I'll move some of those below.
SPX 60m - STB trying to remain calm here and not overreact to what could be very obvious (verge of complete system collapse). Everyone freaked out when Syria was initially going down. Keep your head. I've spoken often recently of their need to lower the rising wedge support to create moar room to move forward. My enormous distrust for the system and having intimately seen them move this market for the past five years keeps me in the manipulation mind frame. We have to see certain levels fail before we can start getting all giddy about aggressively shorting this beast. Cash sub 1800 would be a big deal.
SPX Daily - Two open gaps above, the lower BB is gone (after having noted its extreme narrowness and that potential for increased volatility) and the 50 dma is just below at 1813 along with s/r at 1810. The next stop for cash will be the upper black wedge resistance backtest. Pretty clear that this has been the recent floor. If that cracks then it is even more obvious that the lower black rising wedge support will be the next stop. NOW - IF THAT FAILS - that is the same as my red line of death on my minis chart - then it could very easily be game on for the bears. That's prolly in the 1770-60 range.
Minis made their second target this morning at 1808 and look like they are ready to puke up a lung.
More to come below.
Have a good day.
GL and GB!