Thursday, June 14, 2012

Morning Charts 06/14/12 $SPX $ES

Running a bit late this AM, sorry.

Waiting on Greece and the FOMC about sums it all up. Still in consolidation mode as called. Jobs numbers did not assist the situation as the "recovery" or the "expansion" was called out again by the data.

My suggestion is to sit and wait or preposition (with safeguards) for what you think may come out of the Greek vote and the FOMC's reaction. There is not telling what will come. My gut says Greece stays in as no politician on the planet has a set big enough to stare down immanent financial destruction. Maybe the Greeks are just crazy enough to do it. It will happen eventually, but on who's watch?

SPX Daily  - The 1285 to 1340 consolidation area is clear here. It is large, but that is necessary to contain the large swings in the bailout/Grexit  sentiment that is flowing now. 38% retracement on cash and some other ma's on various time frames are restricting price here.




Minis 4hr - the futures charts is where all the action is. Red, green and pink major diagonal support/resistance have dominated price action over the past week and define everything (to me at least). Possible right shoulder completing here.


Minis 15m - red s/r diag is clearly in play. Remember this is the old resistance diag off the 2007 and 2011 tops.


GL and GB!

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