Thursday, March 17, 2016

Morning Charts 03/17/2016 SPX /es

OK, we should be entering one of those dead times for the market. Japan, China, ECB and the Fed have fired every bit of ammo they got, there are no shorts left to squeeze, the markets are overbought and negative divergences are all over the 60m and under charts. They've averted disaster once again and price is at an acceptable level. Upwards momentum should be thwarted making ramps from here more difficult to pull off (but not impossible in their rigged POS market). It should be much easier to fall than rise from this point.

On to the lie - 

OK, I've been good marking the wedge and it's multiple reformations. It appears the blue wedge below is the final version and it has apparently finally completed. The last thing that I've wanted is for a pullback and then a pop to possibly set a double top and negative divergences on the daily chart. I've been laying out that scenario for a couple of weeks now. 

SPX 60m - for your future reference you can go back over the past month of posts to see how this black wedge formed and morphed and finalized - it would be a good tutorial for most learning charting. It's one of the best I've done in my years on the blog.

SPX Daily

SPX 60m - Support and Resistance areas - 

Freedom watch - 

Nothing today here.

More to come below. 

Have a good day. 

GL and GB!

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