Not much to say from STB today. Support broke and is in the process of a tight backtest (usually you want a day or two and more of a fall first). As a bear I'm concerned about the FOMC meeting, opex and earnings results this week. Friday should have been a bloodbath, but was not. You don't have JPM miss following a bad jobs report along with an S&P downgrade of the euro zone and get that small of a reaction.
The central planners IMHO are scared as shit of this next move south. It forecasts to be a really big move south and containing it will require a monumental effort. It took all of 10 seconds following the bad news Friday morning before they strutted out a Fed president and started more QE rumors (standard operating procedure there). They are guarding/protecting something.
FOMC meeting chart -
A possible "Shanky Point" I showed Friday - Three converging support diagonals just under 1236 support near 1231on the 18th.
Where did they close it? controlled? Manipulated? This only happens in Fantasy Land.
Enjoy your weekend. get some rest. Next week is gonna be a real busy one.
GL and GB!
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