Friday, March 18, 2016

Morning Charts 03/18/2016 SPX /es

All sorts of stuff happening today as I send the family off on vacation, and I stay to play in a golf tournament. I'll be in the office this morning - I think, for a bit at least. 

This, ultra high end, was one of the last things to go in 2007 - just saying - Tiffany Slashes Guidance, Sees Q1 Earnings Down As Much As 20%, Three Time Worse Than Consensus

And now we have the Fed moving back to their pre-rate hike confusion stance that served them well from the Bullard bottom to the 2015 top. Confusion is their friend - What Happened Yesterday: Either Something Spooked The Fed Or There Is A "Central Bank Accord". Ah - the best of both worlds. Must be nice to be them -
"This week was a curious time to recalibrate to a far more dovish stance since it has followed clear improvement in labor markets, inflation indicators, and inflationary expectations."  

On to the lie - 

With OPEX out of the way and all the ECB and FOMC news behind us, maybe the bears can get back involved here. I'm finally starting to lean a bit to the bear side. Really still stubbornly looking for a pullback to double top to set a nice neg div on the daily chart before any real downside action begins. Course it should just fall off a cliff, but the Fed's kind of got that doveish mojo going right now which the more experienced bears know not to mess with. 

SPX Daily - The Island Gap is closed! That's a big deal technically and some of the last business the charts had to do up here - now can we get on with the collapse? I hope so, but that doveish stance is still an issue. 2064 resistance is their next bogey if they can get it there. 

More to come below. 

Have a good weekend. 

GL and GB!

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