Wednesday, July 23, 2014

Morning Charts 07/23/14 SPX /es

Well, can they do it again? There are 5 (five) technical overthrows where the market should have corrected on this chart designated by vertical dashed lines. The first was in January of 2013. Here we are 19 months later still marching along despite everything to the contrary sniffing SPX 2k. Are there enough single, double or triple negative divergences out there? By my count this is the 25th negative divergence in a row without any sort of meaningful correction. I'm out of allowed annotations for the chart, so this better be it. If not I'll have to start deleting some more lines.

SPX Daily - It's amazing isn't it? So will be the fall one day when everyone heads for the exits at the same time. This little double top is nice, but with 2k looming just above I'm not so anxious now to declare anything just yet. Close, very close, just not yet. I'm watching very closely here for any clue or potential 'event'. This of course does not mean that you need to be rolling over profits. You still need to be removing those from the market and all the way out of the dollar IMHO.

More to come below.

Have a good day.

GL and GB!

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