Tuesday, March 1, 2016

Morning Charts 03/01/2016 SPX /es

MEH on the news this morning. 

I voted.

On to the lie -

SPX 15m - It's rare (these days) you get a formation that works so well or predictably for a couple of weeks. The last month gave us two formations that flowed and worked as a technician could only wish for. Falling blue channel to a way OS position that rallied into a morphing (4x) rising black wedge. Technically, the rising black wedge could be considered completed. Dare I call another pop and poop moment? I'm not sure about that. There is a bit too much confusion right now. That combined with the return of Bad=Good and price safely in the middle of the lower third consolidation area, the Fed is prolly pretty happy with the location of price now. So consolidation and maybe a slow breakdown of the wedge may come as the week plays out. Price could continue to drift up to 1990 resistance inside the wedge. Right now I'm not seeing anything that cries out for action in either direction. As for that interesting moment I considered yesterday at the open this morning, well ... they took care of that wedge support issue nicely. 


Freedom watch -

The Two-Party Illusion

Meet the Bogus Technology the Government Will Use to Frame You

More to come below. 

Have a good day. 

GL and GB!

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