Morning Charts 6/11/12 $SPX $ES

Sorry, running a bit late today. Did you hare that Spain got bailed out? Something like $100bn? Must be nice. Kicking the can can be hazardous to your health.

Let's get to the charts and see what's up.

I updated my Weekly Target Chart - Not good if you ask me. Twist/LTRO are apparent off the October lows. Shall we begin a 4th round of easing to pump it even higher? We all know what's going to happen if they don't or when they can't (that's graphically shown on the chart). I'd say the fireworks on July 4th of 2015 will not be so jubilant with the SPX trading near 560 (cycle intersection with lower black diagonal - green box).

Minis 60m - An STB point I never thought would have been hit would be the backtest of busted green wedge support at 1341 resistance (white), but there it is. The bears almost closed the gap left by last night's bubbly reaction. So why the pullback? Cause the pain in Spain is not the only on the plain.

More to come below. The bulls may have the ball, but the price action this morning is not all that savory at a time when price should be up at least 20 points and showing strength. FOMC on the 20th might actually be a damper causing some consolidation over the next week as uncertainty over what the Fed will do hangs over the markets.

GL and GB!