Do I really need to rehash the disappointment in the lack of QE (hopium), all the bank downgrades, Greece and the rest of the PIIGS, employment, China, commodities, and the lot? Let's not waste out time and enjoy the head and shoulders set ups that are the hot topic this morning. Let me show you what everyone will be looking at. Time to start thinking flash crash.
NOTE - separate posts are coming for the likes of gold, copper, oil, dollar and such.
/es - Minis SPX - Target 1031 (1040 has been STB's target since the 1370 top.)
/ym - DOW - Target 9840
/tf - RUT - Target 559
/nq - NASDAQ - Rising wedge is noticeably different than the other indexes. Approaching an interesting double support point about to backtest the busted channel resistance and at wedge support.
USB 30yr Long Term - Just you dig the trend in this chart shown by black arrows and pink lines. The key will eventually be that lower support diagonal and the 50mma.
USB and QE are interrelated as shown in this chart. You TLT investors will be very interested as with QE TLT gets punished.
Remember - All is well. Obama is on the job. Bernenke and Geitner have your back. Greece and the rest of the PIIGS are just fine. MENA is at rest. China does have perpetual growth and will carry the world on its shoulders.
GL and GB.
/es minis 1m - Price (for now) stopped at (pink) diagonal support of the falling wedge that has been shown all week. I'm not sure if this is a significant point or not, but price is at least stalling here somewhat.
Note the 1m 200ma resistance all the way down here.
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