SPX Daily - That black vertical line was placed on this chart back on October 11th. Sadly I did not note why I put it there. I think it was some cycle work I was doing. Anyway, overbought busted wedge is what we're dealing with. So far, technically, the market is still semi-sound at this daily level. SPX is about to give a golden cross. I find that humerous, but not really with QEII coming. But the wedge is ending, no the golden cross, but no the markets are overbought, but the dollar is crashing, but TNX is tanking? You tell me what is up and what is down? Bottom line is that the markets are busted in my opinion and totally controlled at this point. Nothing is real anymore as bid stuffing creates the illusion of volume, C, AAPL and a handful of others dominate the volume. We just have to wait till QEII is announced and then see what happens. The most interesting thing that happened yesterday was the Fed Withdraws $1.5 Billion In Liquidity Via Reverse Repo, Stocks Predictably Turn Negative this was not a good thing for the markets the last time they tried this.
GL and have a great weekend.
