As a child growing up in the ATL I was fortunate to have a national sports hero in my hometown. I can tell many Aaron stories having met him numerous times, enough to where he knew my name. I was 10 when he hit 715, at home, preparing to go to bed and catching the game on the TV in my parents room. I was the only one in the house that saw it live. It wasn't a second later that everyone in the house knew what had happened cause of my excitement. This is a moment of my life that I will always remember, and will more than likely be one of those final moments that passes in front of my eyes as I cross to the other side.
Innocence, what a time, the mid to late 70's. I bring this up to note the erosion of baseball can be directly contrasted to the erosion of the our markets (and country) over the past 40 years. I hate baseball now. Can't stand it and may catch a game 7 of a playoff series only cause I'm pretty much a sports nut. I lost my love of the sport when they had the strike. As a young man I did not get how a bunch of guys making millions playing baseball of all sports could have the gall. (I'm not going to get into the whole debate about ownership and all that.)
Now we have a new steroid based age of baseball where the new home run kings were all dosing, or should we say, cheating. The lack of regulation and the power of the players union controlled how the game was policed, or should I say not policed.
Contrasting to the markets today, unregulated, Central Bank driven; the players have taken over the game. The honesty and morals of what was the holy grail of capitalism has eroded to a corrupt, manipulated era of where cheating is the only way to play the game now. In a way baseball needed the steroid driven long ball era to save the sport from the NHL's fate of obscurity. Today the markets must have the QE era to save everything they've falsified over the past decade or more.
Baseball is now regulating the sport, they've eradicated cheating and it is still alive and actually making a comeback. Hmmm, novel idea, but what if they decided to regulate the markets? Nah, not possible.
On to the lie -
The waiting game. Waiting on the inevitable end to come. Tinkering under 1900 and above critical support, it appears that the volatile consolidation from 1833 to 1900 that we've experienced over the past few weeks may be what we need to get used to.
Minis 4hr - Potential formations exist, but after a great fall the markets need to find their form and settle in. Right now price is in old pattern parameters, but has not yet carved out a new formation. You can see the upper and lower resistance of STB's long term rising red wede of death are controlling the highs and lows. 1844 (beige) and 1833 are a key areas. The thick blue rising diagonal is LT resistance off the 2009 lows. IF that blue support and the red rising wedge fail, it could (and should, be game over. That's how close we are to technical death here.
Minis 15m - A closer look.
SPX 60m - The tops are all very telling, not as much so for the "impulsive" bottoms. that speaks volumes to me. At least this possible bottom, like the last, has some sort of semi-technical merit.
Minis 1853 is next resistance.
Masters starts tomorrow!
More to come below.
Have a good day.
GL and GB!