What's coming and what's being hidden are far more important than your portfolio. You live in a country on the verge of annihilation - from inside out. I know you know, and we discuss this endlessly everyday. I just want to make sure that you don't lose focus on what's truly important. Shit's about to go down that none of us want to experience.
On to the lie -
Daily SPX - USD and TNX getting abused. Oh, price is as well. The indicators don't look well at all. Deeply oversold and the short term charts keep getting abused (even on top of a Fed cry for QE). This is extremely extreme.
SPX 15m - The falling megaphone support busted yesterday. Excuse me? How? What? Say that again? That is a move reserved for extremes not a retracement. The short term setup going into yesterday was really good for a bounce of some sort, and that got thrown out with the second major technical underthrow in the past three days even with the Fed QE speak. The beautiful falling wedge to falling megaphone support with positive ST divergences got blown up and is now a now a falling channel.
Overall, the short term charts keep trying but can't make the turn. I have not seen technical underthrow abuse like this since '08. The daily and weekly charts are not helping the cause. They look horrific.
I'm struggling somewhat with the excessiveness of this move at this point. Sub 1886 and it should collapse, and maybe that was the reason for the stick save late yesterday. It's deserved, no doubt. It's been overdue and expected, no doubt. It's all a lie, no doubt. Maybe the extreme case is generating the extremity? Maybe when a lie comes unwound, normalcy in its unraveling is not to be expected.
At this time, it appears that there could be much worse to come before any form of meaningful corrective is in order. Translated - without QE they are screwed till they announce moar. Much worse is to come if they don't intervene (which they tried and failed with Williams Tuesday). The hard part now is trying to figure out what they want. Are they losing control for real, or are they allowing the fall? I don't trust them one bit. It is still their market, I think.
More to come below.
Have a good day.
GL and GB!