Morning Post, SPX, S&P 500, e-mini

Minis up 15.5. Impressive! Not sure how long this will last, but turning around a rather dismal looking TA situation on a dime is what the Fed is all about. Suck 'em in and punish the shorts. Thanks POMO! We all know that not much makes sense anymore. Everything is busted but when the global economy is fueled by a fiat burn rate that would send any object into orbit, who cares, right? What's the matter? Markets are up, Xmas season is upon us, TSA has laid off touching your junk, how could things get any better right? "Send in your economic recovery success stories."

Bullshit is the new Bah Humbug I say. The MSM is pumping the glory of the recovery and how well things are and we got 99ers that are on the streets starving to death. 42 million plus on food stamps, WE are the largest holders of our own national debt, I have to ask, how ignorant are the sheeple of this nation to not be able to see what is coming? Sadly, the war was lost with the original founding of the Fed. Now the only way to win will the be to eliminate the Fed.

Economic Calendar -  Pretty busy week after today. Please ALWAYS check the calendar.

POMO Schedule -  $39B in POMO this week. (We'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

Pivot Points -  For what they are worth in this busted market.

About 10:30 last night the minis started their drive north. Lifting off like Rudolph was in the lead they are now at cruising altitude +15.50 (so much for buying the gap down open today). After rising above the clouds (resistance at 91) a final thrust got them thru the atmosphere (over the upper resistance diagonal at 93) and now the resistance has become support at those levels. Would not you love to see them burn up on reentry?

Remember that dollar chart from yesterday? Approaching upper channel resistance? Hit it.

EUR/USD - Not sure what stopped the EUR before hitting 1.26. One would think this will be a 5 wave move south here and not an ABC as it looks. Right now the 3rd or C is still short of 1 or A. 1.34 resistance is the 38% retracement. Possible 4 up to backtest the busted channel support diagonal.

Not much sense in showing any SPX charts this morning because the turn in the futures is gonna blow 'em all up (thanks again POMO). I will share this chart comparing the SPX, FTSE, SSEC and NIKK. If trend holds a break south may be coming soon. FTSE turns first with the others, SPX lags, and then they all fall together.

Right now looks like cash will get to gap resistance near 95 at the open. 1200 has been the upper range for this move. How much strength this move has we'll soon find out. 1200.30 would be a higher high. Based on the downturn in all the daily indicators it really looked like C was going to start today. The upper resistance diagonal off the top should be taken out at the open on cash. That will be an issue for the bears. Everything I am looking at had set up a sell scenario and that last 30m candle yesterday was a beauty. Let's see if the bears get a chance to sell an open instead of buying one today as this B or 2 wave plays out.

GL and enjoy the holiday season.

One of my favorite lines of the season,

“And the Grinch, with his Grinch-feet ice cold in the snow,
stood puzzling and puzzling, how could it be so? It came without ribbons.
It came without tags. It came without packages, boxes or bags.
And he puzzled and puzzled 'till his puzzler was sore.
Then the Grinch thought of something he hadn't before.
What if Christmas, he thought, doesn't come from a store.
What if Christmas, perhaps, means a little bit more.”

Dr. Seuss

Morning Post, SPX, S&P 500, e-mini

China markets screwing with the system, the euro finally under 130 and a big data morning with Case-Shiller at 9:00, Chicago PMI at 9:45 and Consumer confidence at 10:00. Auto sales tomorrow with APD, ISM, construction and petrol. Things are not good across the pond. We've all known that the fiat/fractal induced bubble economies would eventually falter. One can only play extend and pretend for so long before the pretend part comes home and delivers the facial. That will be sooner than later. At this point they are doing all they can to hold on thru Xmas. As discussed things are spiraling out of control faster and faster as we enter the Event Horizon of the great financial/economic fiat black hole.

Economic Calendar -  Pretty busy week after today. Please ALWAYS check the calendar.

POMO Schedule -  $39B in POMO this week. (We'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

Pivot Points -  For what they are worth in this busted market.


EUR/USD getting hammered and thru support. We have been looking at this turn for some time and it finally appears the markets are going to react to the contagion. Next stop 26.

AUD/JPY correlation has lost some of it's magic, but it may kick back in here as this pair has met resistance as well.

SPX daily - 50dma at 77 and the lower BB at 70 are key support levels here.

Index comparison - I don't expect the financials to play catch up this time as a larger LT RS of a HnS may finally be in play. On shorter time frames the indexes while correlated in movements are very dispersed which is somewhat unusual.

Minis were as high as 1188 last night and as low as 73 this morning. That is another big drop just like yesterday. Plenty of POMO to go around and the power of POMO was seen to be alive and well yesterday. Key SPX level is 73.Looking for the C leg of 4 down to begin. Targets under 73 are 55, 44 and 30. The HnS everyone is looking at is near 27.

GL!

Morning Post, SPX, S&P 500, e-mini

Contagion, is it finally catching on or has the virus just been kept at bay via a massive fiat printing spree? Bottom line is we all know the inevitable results no matter what spin CNBS puts to the story. Bonds will remain front and center. Risk on/off does not matter anymore. there is nowhere left to hide except possibly in precious metals. POMO is being divided to now support multiple markets and can only maintain levels at best.

Economic Calendar -  Pretty busy week after today. Please ALWAYS check the calendar.

POMO Schedule -  $39B in POMO this week. (We'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

Pivot Points -  For what they are worth in this busted market.

Dollar has clearly broken out which is not good for the markets. I had assumed that the correlation would break and still do eventually. It has to some degree as the markets are being propped up by the invisible force of POMO as the dollar ramp continues. How can the greatest fiat of then all be seen as a safe haven? The dollar short will be a great play soon. Things might be finally spiraling out of control and altitude loss may begin to pick up for SPX. When the dollar and SPX begin to fall together it will be the beginning of the end.

The dollar has broken out. 82.5 to 83.5 should be the resistance points. Battling with the 200dma as resistance at this point.

The financials are once again trying to signal reality while the other sectors remain in fantasy land. I don't think we're gonna get the catch up pop we got

SPX daily - RSI14 trying to hold the 50 line and the $BPNYA is actually trying to push back up. $NYMO is trying to climb again. All that adds up to a potential neat term bottom being set. They do not indicate some possible sort of improbable strong move to the upside, just a stalling point for consolidation.

Let's see how resilient (how $39B in POMO) these markets can be at this point. the "good" news about the IRE bailout (just like QEII) is now being met with skepticism. We all know that total global collapse is coming and we're seeing the fires burn hotter now. How long can they hold out is the question till the fiat system falls into total disarray? With the dollar battling the 200dma, the minis at support and the daily SPX indicators there is a chance they make a stand here. If the minis crack 78 then all bets are off and the B leg is in and down for the C leg which targets 1150. If it does not breakdown then consolidation should continue in the range of 1200 to 1175.

The holiday season is upon us. Let's try to enjoy it and remember the reason for the season. GL!

Morning Post, SPX, S&P 500, e-mini

Hope everyone had a great Thanksgiving.I put a few charts in a post last night. I knew they were ready to fall.

Minis possibly channeling. Getting tired.

Here is what they look like this morning. I was quite surprised/pleased to find this. If the pink channel is right, price may settle in after the open. This is possibly the start of the C leg down of 4 or worse. More upside from this fall can be in the cards as well as 4 could be over. Very tough spot to get committed. All the troubles around the globe, yet POMO still lives. Is the tops in? It is possible, but I'm not sold on it. There is an Island gap on cash near 1212.

SPX left two island gaps.

SPX 30m looks ready.

Morning Post, SPX, S&P 500, e-mini

My 80 year old wheel chair bound great aunt flew in from Houston for the holiday. She was groped by the TSA.

Financials getting crushed. Most likely the beginning of the end has arrived for them. Not sure what is up with the RUT, but based on past performance it may be about to seriously tank. TZA anyone? Of course there are no guarantees this can or will happen.

$DJUSFN

Minis - backtesting and riding support diagonal off the highs (where cash is being limited by this diagonal).

SPX Daily - 

No POMO today or Friday. Everything appears to be spiraling out of control. No telling what this final pre-holiday Wednesday will have in store for the markets. Minis up, but don't deserve to be. SPX had a pretty triangle that should have lead to a down open, so maybe an overthrow then fall? Maybe they just ramp it cause they can? I'm thinking in spite of the bullish minis this AM we still have some sort of down to flat day.

Everyone have a great holiday. Enjoy family and friends. Be careful traveling. We all have many gifts and we have lots of things to be thankful for. Let's take this weekend to identify those and rebuild our selves to be better going forward.

Have a good one and GL!

Morning Post, SPX, S&P 500, e-mini

S. Korean sentiment at this time - 좃같은 놈. 네 엉덩이를 걷어차 갈거야.Stick that in your Google translator and smoke it. Can I have some of that emotion over here and direct it at the Fed? 

Did you see that We're not the largest holder of our own debt? Foshizzle. Translate that into Chinese and you get 你傻不要脸. Dig this from our buddies at Zero Hedge The Beginning Of The Ponzi End: As Of Today, The Biggest Holder Of US Debt Is Ben Bernanke. Add to that the slight issue of record insider selling  Insider Selling To Buying Ratio Approaches Five Digits, Hits Record 8,280x In Week Ending November 19 and you get a nasty brew.


Economic Calendar -  GDP is now a non event. Jobs tomorrow. Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule -  Today is the last POMO day till Monday. (really we'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.


Possible HnS on the minis. At this time skeptical me is viewing it as a possible buying opportunity on the last POMO day till Monday. Pink neckline is the old busted upper diagonal resistance off the 1227 top that is providing support here.

The dollar may be breaking out here. I guess when you are the largest fiat currency on the planet you get a pass as towards realistic valuation.

SPX daily - Showing you this chart cause it gives all the support areas if price should break down. Looks like the dailys will continue their push south thanks to N. Korea.

At this time I am still going to hold on to both counts for up and down. So we're either in the 5th and final wave up, or this is still the 4th wave corrective down. I give a slight chance that the top is set already. With POMO and manipulation, regardless of the groundswell of negative events I can't rule out the power of the Fed. 

This fall should cement that the C move of this ABC corrective is on and the target should be near 1147 for C=A which works nicely with the 38% fib off the 1010 low. 1173 is a key low. Keep an eye on that level. Lower low there will signal more weakness to come. Of course we still have to get to that level. the gap from 79 to 84 should come into play after the open. 


They are making it harder and harder every day for me to retain upside bias (like that is impossible to do anyway for a sane person with the ability to rationalize thought). We all know it will crumble soon. Has it started is the big question. It very well could have, but you can never count out the resilience of a dealer playing with a rigged boot. I'll call it today on the Dark side like I do every day delivering timely charts and analysis. Come check it out. 


GL and happy Thanksgiving.

Morning Post, SPX, S&P 500, e-mini

To bail or not to bail? Well, does it really matter either way? Either we throw more fiat down the drain or not. At this point you must resolve and fully believe that either way it does not matter. Kicking the can in the game of extend and pretend is only game in town. We sadly do not make up the rules, we do not have any control and we can not opt out for any reason. We're basically fucked. The money masters are saving their asses while we take it up ours. I highly suggest that you enjoy this holiday season. I thought last year would be the last, but they have managed to fly the unicorn over fantasyland one more time. Something tells me the TSA checks at Fantasyland International Airport might be the last straw and will ground their flight this year.

Economic Calendar -  Nothing today. Tomorrow and Wednesday have some good action with GDP and jobs. Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule -  The today and tomorrow are POMO days. (really we'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

It is a holiday week. I expect a bunch of nothing although Wednesday and Friday's shortened session are POMOless. Volume should be abysmal. Interest should be nil. While not everyone else celebrates Turkey Day, we do and that is all that matters. The shit is piling up deeper and deeper (if that was even possible). Even the SEC is now getting off their computers an taking on some sort of massive insider trading case. More than slaps on wrists will be given out this time as they are going after non-corporate entities. They actually prosecute the little people making it look like actual justice is being served. Remember it is all an illusion.

Not sure what to bring you chart wise this morning. The divergences on the 30m were pretty telling on Friday. the will be set with a lower open this morning. Indicators are trending down and in a no-mans-land gray area. I am thinking that a B wave corrective may have completed and C leg down of 4 is here. If not we churn and this is a 2 of 5 up. There is a massive difference in these two calls. one says straight down and one says consolidate then more strength. I never set a target below the 77.5 SPX low we met. Not saying it is not possible to go much lower (1130 max IMO with numerous possible stopping points before there).

The dollar SPX correlation is on the money still. So follow the dollar is still the trade. With the EUR about to get crushed (again) then dollar up market down would be the most obvious conclusion.

Near term the 30m SPX charts divergences tend to agree with the above dollar sentiment. I like the HnS scenario this chart offers, but a breakdown here will obviously nullify or at least change the neckline. The RS may be smaller and set already.

Let's see what develops out of the EU. News is not good. I still suspect that if they can hold out till after Xmas they will. No one wants to screw up this season (except a few Middle Eastern or Far East countries). Holiday week, so I do not expect much. I assume it would not be right to mention the Thanksgiving holiday without bringing up the always anticipated "Bank Holiday" as well. Just something to have in the backs of your mind.

Bottom line, quiet churn to down week with fading POMO and volume. Should be dull, so take some time off and enjoy the fall weather.

GL!

Morning Post, SPX, S&P 500, e-mini

Opex Friday before a holiday week with the futures down after a huge ramp day, could it get any more confusing? Not going to discuss the TSA or other meaningless bullshit our government and Fed produce on an hourly basis this morning. It is friday and let's take the time to forget the fascism for a minute and head into the weekend on a positive note.

Economic Calendar -  Nothing today. Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule -  The next 3 days are POMO days. (really we'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

I'm not expecting any big moves till we determine where the dollar is going. Dollar as expected is consolidating under resistance and above support on the ever narrowing 79 to 78.50 range. Something will have to give here soon. After a day or two of consolidation I would expect it to fall to 77 after upper resistance holds here. Dailys slightly overbought. It can break out and if it should 80.11 would be the first target.

30m chart is my favorite right now. Let's see if price can make 87 and then if it can stop there. I am looking for the blue wedge to possibly dominate trading next holiday week. What you need to look out for is price taking back all of the move yesterday as that has been the trend.

Not much else to say this AM. Let's make it a good day and get our weekends off to an early positive start shall we. Entering the holiday season we need to remember to be thankful for what we have and why we have it. This thought also leads us to contemplate our freedoms and how they are rapidly eroding. Please take the time to discuss this with family, friends and neighbors cause the time is coming fast where we may will have to make a stand against an out of control government. 

GL and have a great weekend!