Thursday, May 11, 2017

Morning Charts 05/11/2017 SPX /es

Not much to talk about up here. China is slowly imploding as well as America and all the other global leaders - but you did not hear that here.

On to the lie -

SPX Daily - The insanity. Two wedges (black and grey) overthrown by the formation of the blue wedge to double tops at ATH's with negative divergences that go for a year and are worsening. IMO we're close to some sort of pullback or correction, but it will be forced by an outside influence. Natural or technical pullbacks have been outlawed, so in this case IMHO price is saying that sooner than later something is going to happen to cause a correction. Will this be the STB "event"? Not sure but price will prove it is boss here sooner than later.

SPX Daily - I see evidence of a potential rollover here, but you need to be watching wedge support to see if the breakdown is for real. At this time I can see short term targets above 2415 and below 2372. Just don't know which way Team Total Control wants it to go. Let's watch support here for a clue. Price is on an island above an island. That's not good.

More to come below.

Have a good day.

GL and GB!

No comments:

Post a Comment

Keep it civil and respectful to others.