Friday, June 22, 2012

Morning Charts 06/22/12 $SPX $ES

Sorry bout being late - long story - you don't want to hear it.

Daily SPX - NYMO hit its upper range and reversed. NYMO turning from this level has been pretty drastic as can be seen the last three times on this chart.

BTFD chart - Maybe I need to rename this chart and add STFT to the title. No divergence telling of a turn the way I would prefer to see it, but the ROC/NYMO combo has generated reliable sell signals from these levels.

Minis 5m - Ya think those green and yellow diagonals are not real. TA never ceases to amaze me the way price can seek or find levels (even in a totally rigged market). Still kicking myself for not mentioning that potential STB point at the yellow and green diag intersection.

Minis 4hr - Blue wedge support is gone. As always I caution against the backtest and the potential STB point where blue meets 1341 resistance. That would be a nice spot. you can see the green ED I was looking at. The green support there has price now. Note the big hole below to the major red s/r at 1306 and then 1301 support just below.

LS2's team lost last night. Baseball is finally over and we can get on to enjoying the summer. Thanks for all the rooting and support.

Have a great weekend!

GL and GB!

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