Friday, August 18, 2017

Morning Charts 08/18/2017 SPX

This is from a severely directionally challenged individual, one who is wrong more than right. There is some merit to his thought tho and worth having this warning noted. Gartman: "This May Be One Of The Most Important Days In The Future Of Equity Markets". When some serious daily and weekly MA's (like 2345 SPX) get in danger then we can start talking about important days and not be fear mongering. I've liked down, we're getting down, but have a healthy fear of the Fed and Team Total Control - they don't allow significant corrections without cause.

On to the lie - 

SPX Daily - down goes the 50! Will it now become resistance? 16 and the round number are the next stop if weakness continues. Daily 200ma at 2345 is the biggest bogey of them all right now if ur feeling the pain and willing to look that far south.

SPX 30m - Well, do we finally have a new pattern? Is the burgundy channel that seemed to last most of the summer finally gone away? 

More to come below.

Have a good day.

GL and GB!

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