The Bad=Good meme may be making a popular comeback. Hey, it worked in the past and I'm not sure why they went away from that strategy. Simple, the worse things are, the more there is a chance we get QE. Fourth Quarter Begins With Global Stock Rally As Bad Economic News Is Again Good
Oh, and we avoided government shutdown yesterday. Whoopee! Guess since this is the first time I've mentioned it (after the fact) it was pretty much a BS non issue.
On to the lie -
Told you I'd get my charts back a bit quicker this time. Sad part is that I had to get them back.
SPX Daily - for now I'm sticking with the larger red falling wedge formation. A HnS is now possibly in play with neckline around 1900 targeting the 1760-50 area. the last pop and fall could have made the RS. My max retracement to the 2064 area has been bolstered by the upper wedge resistance and the 100 and 200 dma's plus the s/r that exists there. I'd prefer a move to there to set the RS of the HnS. This little bump is enough,but it is not all that and a bag of chips.
SPX 15m - this morning's move up would have set some short term overbought overthrow situations on the 15m chart, but the no QE Japan squashed that move. Channel resistance is gonna hold against the ON low liquidity ramp. 1948 next resistance if it fails.
Freedom watch -
Capital controls - I've told you time and again, the gates are closed - cash at home. I hope you are listening - A Desperate China Caps Card Withdrawals In Frantic Attempt To Stem Outflows
More to come below.
Have a good day.
GL and GB!