Tuesday, May 15, 2012

Morning Charts 05/15/12 #SPX /ES

Running a bit late. Had some computer issues this morning, sot he post is not all that. Sorry. May not matter anyway what the charts have to say. Does the stick save come or not? That's pretty much all there is to it.

Minis just set a lower low and may be beginning their march to the 1300/1295 area. That is yet to be seen as the event of the day has not unfolded yet.

Minis 4hr - It is an ugly chart, but it is what it is. I have to back it out quite a bit to show you the support levels that are out there. Key levels - the next hole goes to 1313, 1300. The 200dma is at 1275 now and that works well with the HnS targt I have been showing. Then there is another hole down to 1264 and the open gap just below that.

Minis 15m - Here we go again. Just like the chart I posted last night with the past four days trading. Down into the open and you know what happens next (till it doesn't. Smart money leaving overnight and dumb money buying it up during the day. That is commonly referred to as a pump and dump. This is what happens when Greece news hits the skids. You just wait till it is reality and not just news. That chart will look like it is bleeding.

More to come below as the day develops. Sorry for the lame post. they happen. I should make it up to you below and on twitter today.

GL and GB!

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