Morning Market Summary and Charts 02/09/12 #SPX

Early post for early comments -

LMAO, from my comment at the close yesterday - Pretty much nailed it.

"Now a little dip overnight to 1342 to set the RS of the IHnS and a ramp to 1352 in the morning! Yippie! Not a call, just a possible set up that exists. Funny seems you have about a 98% probability of being right if you predict the markets to go up. Simply amazing." Shanky's Technical Analysis and Market Commentary: Morning Market Summary and Charts 02/08/12 #SPX #policestate

We all have pretty much figured out that it is their world and we're just lucky to live in it. I'm not gonna rail this morning. I've done enough of that (at least till this afternoon's AD). There is really not much to focus on in the markets either. Well, there is a lot, but nothing matters as the markets are focused on the Greek bail out and the Brenanke Put has things rolling along just nicely thank you very much.

There is this 60m rising wedge we've been following for quite some time now. It started out as a smaller sub-wedge inside the larger black wedge. STB's call was right that there would be a small corrective and the move would continue, but the black support never came into play, so STB simply adjusted red wedge support and here we are.



60m SPX - Pretty simple. I'm not sure how many more divergences even the Fed can feng off. This is overbought. the wedge is ending and it needs a breather. The market may just force this one on the Bernank. Anytime you get into 4,5 or 6 divergences on the 60m MACD things are getting out of hand even in a QE induced ramp.

Minis 4hr - Same story we've been following for months now. Yellow channel to green channel to rising wedge with green channel support and upper blue resistance diagonal. 1343 major S/R here. Below the lower red S/R off the '07 top. Price is consolidating as the wedge ends and indicators scream overbought and due for a turn. Note the green channel runs into upper yellow channel resistance in the 1362 area. If the red wedge overthrows and resistance does not hold here as it should, that will be a likely spot for a top.

Minis 15m - A closer look at upper blue resistance and the orange channel that may develop. All your S/R points I will be calling today are on this chart. Remember to read the comments below to see what the board it thinking and talking about.

I promise I will get to some currency charts and gold, oil and some other stuff soon. Right now things are in limbo with Greece in the air.

GL and GB!