I'm still a bit disgusted and really don't feel like beating the dead horse that is our debt/economic situation again this morning. This is employment week and several other events will keep things busy. What's lacking is Fed news. Other than the FOMC rate decision Wednesday the Fed should be out of the picture (but of course still running POMO behind the scenes).
I think watching global events like the Ukraine situation is important. Funny that I should say "watching the Ukraine" cause that's exactly where they want you focused. Nothing like a massive distraction to shift focus off the real issues at hand. We all know Obummer must have a war, so escalation here is a real possibility.
Let me note that for those of you that come and read the morning commentary and then go away, I give what I feel is necessary up here as far as my opinion goes, but the meat of the news flow, information and real time charting comes in the comment section below. It's kinda like a live Drudge on steroids for conspiracy nuts and fact lovers. No fluff, no BS, just real news presented in a timely manner by a bunch of (mostly) like minded individuals who want to share and inform. I also add market commentary and pertinent charts below as the day goes. So, the blog is not just the post and a cloud of dust. To get to the really good stuff (not that my posts aren't all that and a bag of chips) you really need to cruise the comments section. Just sayin.
On to the lie -
Complacent - marked by self-satisfaction especially when accompanied by unawareness of actual dangers or deficiencies
Unawareness is not the word I'd use in our current situation, so maybe Complacent is not the right word.
Ignorant - resulting from or showing lack of knowledge or intelligence
Close, but maybe -
Delusional - a persistent false psychotic belief regarding the
self or persons or objects outside the self that is maintained despite
indisputable evidence to the contrary
Ring the bell folks, we have a winner! Delusional, that's the word I'm looking for to describe our current psyche. Combine that with -
Denial - a condition in which someone will not admit that something sad, painful, etc., is true or real
And now you have a perfect description of the current state of reality regarding our economic, financial and social situation in this country.
Minis 4hr - Blue falling channel resistance is key resistance this week. That makes 1875 to 1878 a critical area. The real (and serious) problem is starting to show up in support. The STB red diagonal of death is now above the falling blue channel's 50% diagonal. The long term (off 667 2009 lows) rising thick blue channel resistance is also in the falling blue channel as well as the red dashed ultimate support diagonal off the 2012 lows. All that means is the falling blue channel that's dominated price since February will either end with a breakout or things are about to seriously breakdown. One other support is also in the falling blue channel, the rising yellow wedge support. So, look at the chart and see red, thick blue, yellow and dashed red - folks below that and it's all over.
Minis 30m - Rising green channel to blue falling channel resistance has failed. This brings in all sorts of nasty targets. What this brings into play is lower blue channel support down near 1800. On the way there, if it gets there, Pandora's Box gets opened up for much much lower targets - like targets all the way down to the 1480's.
Minis Daily - Let me put it to you this way - the STB rising red wedge of death - it be like - almost toast.
SPX Weekly - And all that leads to this. Gotta love it when a plan comes together. TA's gonna get it right. It just requires an extreme amount of patience. Like a fine wine baby. We're close.
More to come below.
Have a good week.
GL and GB!