Friday, July 11, 2014

Morning Charts 07/11/14 SPX Chartapalooza

Well most know I've found time to play in my chartbook. I've only updated a few charts but they say a lot, so lets get to it -

Let's start with a case for the dippers. We'll end with something for the bears.

I've had RUT requests - will have to get to that this weekend. 

Primer - we're looking at an overthrow of an overthrow. Everything technical had been ignored which makes this point extremely dangerous. Any sort of breakdown sub 1952 and they may find levitation impossible to achieve. 

SPX 30m -Pretty simple - near term support (blue), 38% retracement, s/r line with pos divergence. Looks good for the BTFD crowd.

SPX 60m - Here we get a slightly different stoy. Why did price stop where it did yesterday? Cause any lower and they violate NT support and the backtest of busted resistance. Anything sub 1952 and a whole new world of possibilities for the bears opens up. Neg divs galore on this chart. Also the overthrow is clear as day proving the ridiculousness of price at these levels. Breaking 1952 leads to 1930. If that goes, it should be all over.

SPX Daily - Overthrow 1 thru 5 and now neg diving again. This puppy is sick. Look at what they have driven price through. Simply amazing.

SPX Weekly - Welcome to the endgame open window. We've now entered the zone that I've long been pointing to as that time.

SPX Monthly - And monthly - Cycles, neg divs, indicator supports, It is all coming together, TA is going to get it right - and very soon. That green target box that's been there for close to two years still stands.

Hope you enjoyed that. STB travel day today. Hold down the fort. OWP will be up at 4. I'll work on some more charts over the weekend.

Have a good weekend.

GL and GB!

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