Thursday, January 16, 2014

Morning Charts 1/16/14 SPX /ES

I have no clue other than this charts looks absolutely disastrous.

I mentioned yesterday that if they were to overthrow the technical divergences AGAIN, it would have to lead to a vertical move in price. That is all they have left. I really think they need a move to the 1775 level to garner some operating room. They can't take it straight up, can they? 

Minis are lost again after the last two days rampage. Form is gone for the most part and price is wandering in a land of diagonals not really indicating anything. 

Minis 60m - I'm not about to explain what's going on here. I'll spare you the pain. Best if I just call it below as it happens. Best guess is that she's double topping and backtesting a couple of things at the same time while meeting resistance (all that and the neg divs on the chart above = not good). Problem is the Fed knows and sees this as well. This is like one of those improbable points it can't move up thru but somehow seems to manage the maneuver just fine.

More to come below.

Have a good day. 

GL and GB!

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