Friday, August 1, 2014

Morning Charts 08/01/01 SPX /es

OK, so Wednesday I gave you "whatever" cause they were defying every law in the book. Yesterday I gave you, "Theoretically this is like the ultimate spot of spots to want to take a shot at a short. It should not get any better than this - period." Today is, "Will she or won't she?"

Can the bears get a follow through day? Can they confirm the move yesterday? Honestly I have no clue. The minis are a bit more clear with support and resistance IMO. Today they fell thru 1953 and went straight to 40ish as I wanted and then on to 20ish (the ishes are cause the levels are not clear so I give them an ish - this is new to STB nomenclature). I'd really like to see 1904ish before some sort of reversal. Sub 1900 and sell stops will start showing up. 

The reversal candles for the day, week and month are pretty sporty thanks to ONE day that wiped out weeks of a grinding climb. I told you, one move, one moment, can take it all back. The markets are primed for such. 

What caused the turn? Who knows? I'm just glad that a perfect technical setup worked. Sanctions, Congress recess, coming elections, amnesty, FOMC, Ukraine, Israel, overbought, rates, GDP lie, Cons Conf lie, Obummer lie - so many things in play. I also said yesterday that things are a changin - the market may sense this. 

On to the lie - 

SPX Weekly - now this candle is not quite set, but if it is to hold the doji last week could prove an epic moment in history. After all, price has entered my end zone.

More to come below. 

Have a good weekend. 

GL and GB. 

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