Thursday, September 22, 2016

Morning Charts 09/22/2016 SPX /es

Nothing up here to cover - SSDD.

On to the lie - 

SPX Daily - I've often mentioned the Fed's pattern of backtesting the prior breakout or overthrow point before moving higher. this has been a pattern for years now. Are we about to get a bigger pop? I despise that idea, but I can't count the possibility out in a completely manipulated market that they must protect at all cost. Support here is critical. I think they will try to push higher if they can but their main concern is not allowing a breakdown.

SPX 30m - Island gaps (blue) above and below. They are going to try and shove price back over the 2160 s/r area and will try and keep that floor. If not they have established the 2120 floor with the 100 dma. Bottom line is I believe they try to lift but all they get is they continue to consolidate while trying to hold major support. I think major wedge support diagonal is going to fail soon, but they will still maintain dma support as long as they can.

Freedom watch - 

Riots? But why?

More to come below.

Have a good day!

GL and GB!

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