Friday, May 9, 2014

Morning Charts 05/09/14 SPX /es

REV 16:15 Look, I come like a thief! Blessed is the one who stays awake and remains clothed, so as not to go naked and be shamefully exposed.

Revelation 16:4 – And the third angel poured out his vial upon the rivers and fountains of waters; and they became blood.

Blood red river in Switzerland just one of many worldwide

I think you get my point. Are we clear? Crystal.

On to the lie -

They tried .... and failed (again and again and again and ...).

Blue falling channel resistance and 1874 resistance dominate driving price down into the STB red diagonal of death which is now all the way ABOVE 1855. That is not good at all. Not much else to say really that I have not been saying for the past two weeks. I like down but fear up. They have to ramp it and get cushion above rapidly rising critical support, or they crash it enough to generate enough fear to un-taper and increase QE.  That's all there is to it. Charts and every metric you look at (not government produced) are more than ready for a complete meltdown. I did lower rising green wedge support yesterday, so we could be working off a busted support and backtest scenario.

Support goes 1866, 60, 56 (critical STB RDofD), 53, 47 and 44. 

More to come below.

May I suggest for your viewing pleasure today - The Players Championship

If you have not shared STB, please consider it.

GL and GB!

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