From WB, a good read chocked full of credible information on ISIS - ISIS Is Run By Former Iraqi Generals … Many Are Members Of Saddam Hussein’s Secular Baath Party Who Converted To Radical Islam In American Prisons. I LOL every time they give us one of these.
"Security experts – including both conservatives and liberals – agree that waging war in the Middle East weakens national security and increases terrorism. See this, this, this, this, this, this, this and this."
On to the lie -
I'm watching the dollar, JPY, PMs and bonds closely right now. Turbulence is expected.
SPX Daily -Two holiday ramps. July's overthrow gave it all back, but the Labor day move has yet to meaningfully correct or retrace any of it's gains. The chart below shows a slight pullback off the top following some severe negative divergences and very narrow BBs to a support area that is packed with barriers. Lower BB, 50dma, two diagonals and the July top. 1976 is the floor of all that support. Below that is a hole to the critical 100dma support at 1952. No one needs to panic until that 100dma goes, cause it has been the ultimate support of the SPX for close to two years now. Call it the Fed's support bogey.
SPX 30m - Anatomy of a top? You can see this support area around 1985 is critical, but from the chart above a move to 1976 is still acceptable, so if this support fails (while bad) it's not the end of the world (yet). This is a point they would like to protect.
More to come below.
Have a good day.
GL and GB!