Friday, May 11, 2012

Morning Charts 05/11/12 #SPX #ES

Running a bit late this AM ,sorry. If I don't include charts you want to see in the post, please ask in the commentary and I will cue you up whatever you want to see. My stockcharts issues have been cleared up. Thanks for all the notes and support on that issue. Nice to know so many care and are watching.

Well, JPM slips, no biggie. My take on it - When they control and operate in an unregulated world and there is a proven US taxpayer backstop for any mistake (no matter how big) who gives a crap how many billions you lose? You can read the posts on ZH for the details.

Minis 30m - Struggling for form down here at 1340 support. Range bound working   off overbought conditions and the dailys especially forming pos divergences. Market has every right to bust support and make the next move to 1300/1295 area, but will they allow it? I bet the EWT folks are having a blast counting this mess.

Minis 5m - This is a mess

Dialy SPX - Two scenarios 1) the HnS has busted the red neckline and we're off or 2) my original call for a fall to 1341 neckline and then the RS (as in here and now) comes to extend the farce another week or so.

Dollar is at strong resistance point and you know it chaffs the Fed's ass the higher it goes. What you have is major resistance in the $80.5 area and then strong channel (yellow and blue) LT support just below. Add to that a break above green resistance and then throw in the open gap below at 79. This is a traders nightmare.

EUR/USD - If you want to see another longer chart see yesterday's post or ask and I'll tweet or post one below. Wedging down after breaking major HnS neckline support.

Oil - ugly chart, but that happens after getting your face ripped off. Holding 95 support and 85 would be next stop if the fall persists. When a trend or pattern shows up I'll let you know.

Gold - At blue channel and price support here at 1571. That should be it for this phase of the fall, but may not be it for this overall move south. Gold has taken out all major support off the 2008 lows.

Everything I see says there is a good chance for a pop here. Yes, it may be time for the PPT to step in and do their thing and stem the tide. If 1341 goes they will wait till 1300 I think. If the JPM fiasco did not crash the markets last night I'm not sure what it is going to take.

Bottom line is STB was all over the charts predicting major events coming and a major turn south. STB waited on the catalyst and got some via the EU elections and a few other items. Still need that straw that breaks the camel's back. It should be coming soon. Right now the charts look set up for a mild recovery till the overall weight of the economic troubles brings everything down.

Have a great weekend.

GL and GB!

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