Minis Backtesting The Wedge Breakdown

Denninger covers the FOMC announcement in a way only he can. Skip rading the announcement part and just read his commentary. It reads much better that way. the come back here and explain why the hell the market is not capitulating south like it should be.FOMC Announcement - 8/10


Not sure if this is an inverted HnS or not. target 41 if it is.Remember - nothing should surprise you in these markets. Kind like the FOMC statement.

That move backtested the blue wedge support perfectly. I guess everything is just fine. Nothing to see here. Move along. I told you if it got thru the green line it would go to the blue one.

RUT - Leading the pack so far with the Q's. SPX and DOw are lagging those two. If 639 goes look out for 612.  Of course in these markets you can not discount one bit a ramp job on the worst news ever to 675. That is reality. VIX is inline with SPX. I was hoping for a telling divergence there.

Well, they have not been able to bet back into the wedge YET! I'll post more if anything happens. If it gets thru the green line it goes to the blue one. /ES trading at VWAP here. Want some range to consider? Upper daily BB is 1140 and lower BB is 1060. Daily 20ma is 1100. 1111 is the 200ma, that night be the most important number.

Here is the wedge on a 4hr chart that looks weak.Those divergences are hard to ignore.So is the decline in volume.