OK - Confusion still reigns, but these divergences are getting out of hand. Triangles, wedges, ABC counts and of course rigged markets all add up to a bunch of nothing. There is no clear path right now. Sorry bout that, but that is the way it is. I could pull one chart and say up and another and say topping. Overbought is not a given, but then again could it be? You know what I think, but that does not matter in this game.
We have learned to follow the hot hand and that is what I think we need to heed till more clear turn signals are in place. Was that a legit breakout last week? Taking out the upper resistance line on a big green candle might be something we should pay attention to. But what about the divergences on the ST charts? Hell if I know? My 30m indicators are saying blow off top here. I can make a great case for either an ending wedge or a throwover is in place right now and we're gonna get crushed soon (which I like), but for some reason I can't buy it right now cause the daily and weekly charts are still climbing (and earnings fraud and manipulation are rampant).
My 1111 target is right around the corner. Anything above that and I'll start freaking out and looking for a double top possibly above 1200. I did have a 1140 target at one time. We just have to digest and be patient. the stress test fraud and a few other actions are masking the truth. Sadly we'll all get abused in grand fashion sooner than later. We just have to be ready when it happens.
Earnings Calendar -
Economic Calendar - New home sales at 10:00
SPX 30m -The divergences are indicating a blow off overbought top. That fits well with the Blue rising wedge creating a throwover of the Black triangle. the ABC target is much higher near 1149. Lets see what it does at the 1111 range (my second target all along - first was 1090) and if it gets thru that my third target of 1140 is definitely in play as exuberance gets out of hand. I must caution the bears of the position of the weekly indicators. they are turning up and if they do not embed and cycle thru this market may have the low 1200's in mind. I have placed a tentative strong sell line here, but have not shorted it here just yet.
