Monday, June 18, 2012

Morning Charts 06/18/12 $SPX #ES

1341 (My first major resistance and upper consolidation area target) was gapped thru last night, but Team Manipulation's plans were foiled as the rats refused to follow the Pied Piper and the futures are now negative. The rising blue wedge can be completed now. The problem for traders now falls around the G20 and FOMC meetings this week (not to mention the bailout/restructuring rumors for the PIIGS as a whole).

I think we continue to consolidate with slightly more upside potential to (all I am willing to give at this time) the 1374 area as the markets averted a total disaster this past weekend, sentiment may be improving a bit (it won't last long), the fed could surprise and the markets just love liquidity talk. 

Minis Daily - Could be nearing the end of the blue wedge here and you know what that means. Do they have another stick save in them?

More to come later as I get caught up. I hope all had a great Father's Day. 

GL and GB!

No comments:

Post a Comment

Keep it civil and respectful to others.