Morning Sharts 07/5/12 $SPX $ES

Nope, that was intentional. Charts may be replaced by Sharts. If you do not know what a shart is, ask below and I'll give some assistance. Why sharts instead of charts? Because that's what charting  has been reduced to. The charts reflect the market levels which really resemble a really messy fart. Sorry, I had to go there. I can also relate this terminology to our presidency and many other facets of our governance as well.


Quick note, an actual bright spot on US sentiment and that the sheeple had had enough of potus. At the parade yesterday in the small very liberal town in the Midwest I am in, one section of the marching freak show had a BO banner and a big sign that said vote democrat. They were booed wildly all the way up the street. I smiled. It was hilarious and greatly satisfying to see potus to get railed publicly on turf that he should dominate. 



I'm not sure if the ECB and all the other rate cuts are a bright spot or not. The elites may finally be conceding the end is near (that is a bright spot to me as the charade must end and total collapse must occur before things will ever get better). The $127 backtest on the EUR/USD (the long term support) has proven a tough nut to crack and it may be all downhill from here for that pair. Disturbingly this should indicate some strength in the dollar which is holding busted LT resistance (note this is not good for market price action). I'll chart this all in detail next week. 


Well, we averted another holiday/bank holiday holiday event. Not surprising, but with each potential occurrence I do believe the possibility of such an event grows. 


Minis Daily - Here we are at 1374, the upper end of the range I have been willing to allow since the fraudulent rumor driven ramp off the 1262 lows. While the indicators don't look all that ill, the MACD Hist divergence may be a tell that things are about to reverse here for a bit if not more. 

SPX Daily - I have been noting the position of NYMO and ask that you take a look at what happens to price within a week or so of it reaching these levels. The MACD Hist is also falling which is a bad sign for price. I have not put up a sell line (dashed red vertical) just yet. Note that I am beginning to consider it. The rest of this week still has potential to be a low volume HFT algo bot field day, so I will remain cautious as a bear till Monday. 

Shanky's BTFD or STFR chart - is screaming sell.

Enjoy the rest of the holiday week. I can't wait to get back to really start charting up a whole bunch of stuff as things are finally getting interesting again on the technical front. I also can't wait to start posting some raging AD's as well. 


Due to some changes in the way I cut and paste stuff, a new look to the blog may be coming soon. 


GL and GB.