Wednesday, May 21, 2014

Morning Charts 05/21/14 SPX /es

Let's keep it simple - WMT, CAT and various other large retailers missed earnings (badly). Markets remain at or just under ATH's. Why? Simple it's rigged and they can not allow the market to crash or even correct. Nothing is real anymore, so get used to it.Think Belgium and stealth QE.

Yellen speaks today at 10:30 - all eyes on this and the FOMC minutes release. After Plosser blew up things yesterday with raise rates talk and other apparent policy changing memes, you better be on the lookout for some rhetoric/path change from team manipulation.

To say that things are not at a proverbial fork in the road would be wrong. Their failed policies have left us with no other option but to continue down the dreaded path of increasing debt to ultimate destruction. they need something new. How do they get this? Well an engineered correction to induce great fear would be their best option. Think TARP and blackmail v 2.0 except this time at the top of the market instead of a bottom.

Minis 60m - Red diagonal of death - Look I'm tired of saying it, but there is really nothing more to this story. All critical support is now well over 1800. There is no room or comfort zone anymore as they apparently can't ramp price the way they used to. So, are there any questions about the RDofD or any other diagonals or s/r I have? Looks plain and simple to me. Really nice potential HnS set up pending. If Yellen says the wrong things today 1833 to 23 could be in the cards and in a hurry. They are out of room now.

More to come below.

Have you shared STB today?

Have a good day.

GL and GB!

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