Monday, August 4, 2014

Morning Charts 08/04/2014 SPX /es

Not much to say this AM. Hard to pick a spot to cover in depth with so many balls in the air. I'll let things roll and see what comes up hottest this week. Ebola, Ukraine, Israel, ISIS, O and amnesty, coming elections with congress on vacation, market drooping (with all the trimmings), and the list goes on and on. So ripe for an 'event' of magnitude.

On to the lie -

SPX 60m - Oversold but no real positive divergences.

SPX Weekly - Just watch the 20ma for support - pretty simple.Reversal candles are what could be considered modern 'corrections'. There is a real chance here that this trend could change. Note the LT red support diag on the weekly chart that stopped the fall at the 20ma. Also note the MASSIVE supportless hole below that red diagonal.

More to come below.

Have a good week.

GL and GB!

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