It's as simple as this - hope - Global Stocks, Oil Continue Streamrolling Shorts On Last Minute Hopes For G-20 Stimulus Announcement. I thought earlier this week they would hold the markets lower to try and force the G-20 to act. Wrong, just like the good old days, they decided to force the markets via several unsavory actions to front run to try and hype the supposed coming stimulus. I'll patiently wait, and not hold my breath, for said stimulus.
On to the lie -
SPX 5m - The most bearish thing I see I'll talk about first. The backtest of the busted blue rising wedge. Now this is on a micro 5m level and is going to be pooped on at the open, but will the open be an overthrow and selling opportunity? This is happening inside the larger rising wedge you'll see below, but it is a potential sell point. This formation works well for both cases NT short and longer term long as a backtest of the 1920 s/r point and the lower black rising wedge support would be a good thing for both teams.
SPX 15m - Breakout or overthrow? That's what I'm trying to figure out. If a breakout, then 1990 is the next resistance target. If an overthrow, price will continue to consolidate above the 1871 support. The black rising wedge that has developed and evolved over the past two weeks is in its final form (at least this portion of it - a larger move north would reform the wedge again this time changing the upper resistance diagonal). A move up to the 1990 R would nicely complete the current wedge while further aggravating overbought conditions and creating some pretty strong negative divergences.
SPX Daily - This chart just does not looks all that bearish right now. Price is still in the lower consolidation zone (sub 1990) which is bad, but nothing is neg diving or OB to any degree here that has me freaking out. Price has long left any sort of upward trend (off the '08 lows) and we are in the process of topping (if we have not topped) which will lead to lots of volatility and a massive tug-o-war between the bulltards and the righteous bears. The playround is and always will be controlled and run by the mafia, so nothing is fair or right. I've always held out for that one last QE push and bulltrap run. Is this it? Not sure, but we remain on the verge of utter market destruction and 'they' can't let that happen. They can't let the market fail, at least not yet.
Freedom watch -
So What Do You Do NOW About Phone Security?
More to come below.
Have a good weekend.
GL and GB!