Charts look weak overall, but I have to caution that the 30m minis and the 30m SPX are on the same page both bottoming. Is Ben scheduled to peak this morning? This could be an incredibly bearish move this morning if they can pull it thru the 37 number on the minis and the 40 level on SPX. Never discount the PPT and "their" willingness to save this market. My thoughts are that they have spent a lot of time and effort at these levels and it may be time for them to "let" it slip another notch. Could we have some surprise data today? Don't be surprised if we do cause remember who pays the data source's paycheck (kinda like watching CNBS if you know what I mean). Woops - Case-Shiller just delivered one for the bulls - If you think home prices are rising in markets that can't sell homes over $750k I have some oceanfront property in AZ you really must buy.
Economic Calendar - Case-Shiller delivers one for the green team and the SPX futures pop 4 to gap resistance on the announcement. Chicago PMI and Cons Conf to come. The rest of the data this week should be simply horrific.
SPX weekly - 940 range target box is set (pink) to end 1 of 3. May be to far out in time, but it is what I'm thinking. Mid October to mid November. Not very aggressive. I like the number and not so much the time.
CHART BETTER VIEWED HERE
Gobs of data this week. You can't trust a word they say (like the Case-Shiller number this morning). Remember who pays the bills! Minis moving up aggressively off the lows this morning. Both the 30m minis and 30m SPX are bottoming which usually leads to a pop. With Chicago PMI and Cons Conf coming out after the open it could get interesting. I was calling for a gap thru the 1040 level and they may not disappoint. Every day this week we have possible horrific data points. That 940 level could be reached by Friday (no, not kidding).
Ya think our government could take some clues from the Chinese as to how they treat financial heads of state that make horrific decisions?
Lookout below, but keep an eye on those 30m indicators. Some surprise bullishness could be in store.
Don't forget
Shanky's Dark Side where I call the market intraday.
GL and thanks for the support.
