Thursday, February 6, 2014

Morning Charts 02/06/14 SPX /ES

TWTR - ripped here for some time may finally have found reality. Let me see if I can put this in 140 characters or less - $40 billion market cap and zero profit #insanity. There I did it. I think the poster child for this faux market just sent up some emergency flares. Another sign that the end may be near.

Sochi is about to crank up. I am in full wonder mode regarding this event. From false flag potential to the multiple #fail events and issues that seem to be coming, the games may be more memorable for Russia's lack of sophistication and organization skills than the events.

This is hilarious.

STB has a meeting out of the office this morning, so I'll be in a bit after 10:00. Hold down the fort till I get back.

SPX Daily - I have not shown this in a while. Bout the only thing that indicates a possible turn other than finally being oversold to a degree is the MACD Histogram (one of my favorite early turn indicators). I remain bearish near term, but wonder about a backtest or a small retracement of some sort to relieve a bit of pressure.

Minis Daily - A little different look from the travel computer. What may have stopped price? That yellow diagonal that used to be support for the original topping formation for the run off the 2009 bottom. This diagonal is in a different place on the work computer. Of course there is a yellow support diagonal for that old formation well below price here as well. Bottom line is price still busted my red diagonal of death.

I'm preaching patience and for you to remain calm and cautious. I remain bearish and would like to see 1710 or so before a backtest of busted resistance (or worse). Things are not good at all, but this is still the Fed's market. We've all seen things we never thought possible so far. Why would it be any different here?

I'll post more stuff when I get in.

Have a good day.

GL and GB!

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