"I am one of those who do not believe the national debt is a national blessing...it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country."
—Andrew Jackson, letter, April 26, 1824
SPX 30m - Futures looking to get it back into the 28 - 39 safe zone. That crack was not good. Couple options here - they like to break rising wedge support only to set a new lower support diagonal thus extending the life and length of the wedge OR this is a march up to a backtest of busted support and some sort of failure is coming. 04 and 66 are the big numbers. Chances of hitting air pockets are great if the right news can get flowing. Never forget who is in control.
SPX 30m - Rising wedge with a channel component here nearing the end of the formation. STB has prettu much all month been on the 28 - 39 consolidation call, which has been right for the most part. This should come to and end soon. Gonna take an event to make any significant break south. Total Control is more real now than ever.
SPX 60m - Pretty good chart right now with all the big numbers and formations. Looks like the bears may finally get a foot in the door, but how long they can keep it open is another question. 28, 17, 04 (with 38% retracement) are support numbers for starters. 39 is resistance and 28 should become resistance. 2404 to 2386 they fully deploy all chutes IMO. If not there 2366 then 2336. (14, 90 and 65 are the big daily MA's to watch for as S).
The things that ATH's are made of - "Worst Since Lehman" - The State Of The US Consumer In One Dismal Chart and Credit Card Defaults Surge Most Since Financial Crisis Solid as a rock is the foundation for this ATH and run off the 667 low - NOT! On to the lie - SPX 5m - The range I wanted price to settle in is working out pretty good so far. Possible HnS setup here with pop this morning to have a chance to set RS top. Just a chance and remember that RS has been more of a launching pad than a bearish breakdown point. I think they'd be pleased to simply consolidate above 2428 for a while. IMO there is a lot of selling pressure the PTB are fighting.For any sort of meaningful correction something newsworthy has to drive it. Till then shorting is a dangerous game.
Things are more strange now than ever. I guess you could call it business as usual on steroids. The PTB are doing everything they can to keep the veil up and the rot hidden. Global tensions continue to rise and worsen. Me and many others have been looking at a market that's begging for a large 10 - 15% correction. Sadly the markets are not capable of correcting in a natural manner anymore (Total Control), so this will take an "event" of some sort to trigger this. No one knows when this will happen, but the higher they take price the worse the fall will be. 2120 to 2180 would be my target area for this correction if it were to occur. That number would match blue channel support in the chart below later this summer if that's what they would be targeting for support for a major correction. Before we get there there is a chance a first correction would drop to 2366 and then one last bull trap before the big fall. On to the lie -
We keep edging closer to catastrophe. Team Total control has the lipstick and veil firmly in place right now. Father time and price will one day assert their eternal prominence, but till then it is what it is. One sneeze and a 10 - 15% correction would be a rather simple move. On to the lie -
SPX 30m - Best I got right now for a short term chart. Overthrowing rising wedge completion with neg divs complementing the over exaggerated price move up. 26, 17 and 04 are the support numbers. They should be willing to lay a few lives on the line to keep 04.