Wednesday, May 20, 2015

Morning Charts 05/20/2015 SPX /es

Fed speak week and the holiday - nothing much else needs to be said here today. 

Other than watch Greece.

On to the lie -

SPX 60m - If they hit that IHnS target they better do it before the weekend. If not, then I'll start looking at this as a backtest of busted wedge support and start targeting the 1983 area. OBTW, that's a 5 month neg div on MACD.

SPX Daily - This chart confirms the potential IHnS target which would backtest the busted DoD (Black Diagonal of Death). It paints a slightly better support picture on the way down to 1983 marking 2076, 62 and 35 as three very key support points. Price is attempting another overthrow (black vertical) of the neg diving indicators which states how this market pays no attention to technicals anymore.Look at the double (worsening) negative divergences going back to November! Some actually go back a year. Wow!

Freedom watch -

I think the headline says it all. JUDICIAL WATCH: DEFENSE, STATE DEPARTMENT DOCUMENTS REVEAL OBAMA ADMINISTRATION KNEW THAT AL QAEDA TERRORISTS HAD PLANNED BENGHAZI ATTACK 10 DAYS IN ADVANCE.  I really don't think any additional commentary is necessary from me, what difference would it make?

And #cutthecheck

More to come below. 

Have a good day. 

GL and GB!

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