On to the lie -
I love seeing posts like these - Tom DeMark Warns If The S&P Closes Below This Level, It Could "Wreak Havoc To The Downside". I usually shred them, chew 'em up and spit 'em out, but Tom is OK here. Unusual one passes the STB test.
Hmmmm ...."If any of those S&P 500 triggers occur, the benchmark index will decline at least 8.2 percent from Monday’s close to 1,786, a level last seen in February 2014, according to DeMark. Should the market top correspond with what he referred to as “bad news,” the S&P 500 could see deeper selling down to 1,736, an 11 percent decline."
SPX 15m - Let me see, STB has done a pretty good job walking up the initial black wedge, calling for the flattening and refomation of that wedge to gain room to shoot it higher, and began today to look at it rolling over. I said late Monday I would short any pop at the open Tuesday. Things do not look good near term for price, but other charts are not screaming at me for some form of collapse here. That's gonna take a news event, and with all the easing going on and dovish backpedaling by the Fed, I'm not feeling all that bearish right here. Let me clarify that. I'm perpetually SPX sub 500 bearish, but collapsing here would surprise me a bit. That's gonna take a news event. So, let's watch price down to 1871 if it gets there and reassess at that point.
SPX Weekly - 1795 is the 200wma so a check of that is about as low as I'm willing to go here. That's just about where Tom has this move going. Now as for that 1736 number? Where he pulled that out of is a mystery to me. Sub the 200wma the flood gates may just open and my target would be much lower. Like 1575 lower. Like flood gates open lower. It's gonna take something big to bust and hold a move under that 200wma. The Fed will pull out a lot of stops there above and beyond a standard PPT intervention. That would be all hands on deck, Bullard, Hilsenrath et al moment.
Freedom watch -
Conspiracy fact (again) - Truman Show USA – “Concerned Citizens” at Town Hall Meetings are Often Paid Actors
Donald Trump Is Right – Here Are 100 Reasons Why We Need To Audit The Federal Reserve
What an ass - Video: Obama Cracks Joke About Scalia’s Death - President sneers after making joke at late Supreme Court justice's expense
More to come below.
Have a good day.
GL and GB!