Minis Daily - Like the charts even matter at this stage, we'll cover the moves anyway and do our best to anticipate "their" next move. Back to 1432 this morning. Most know that this is the max number I was willing to give as a restracement off the move up from 1341. it held nicely the first go round with only a brief break to 38 before falling in line and halting this latest surge. This time we have one of two scenarios. Either a pretty double top is about to be set or "they" have loftier goals in mind for price. I added a yellow channel this morning.
Minis 60m - that green diagonal just above is the double HnS (May and September of '12) neckline STB has been discussing for some time now. If that cracks then bully will have the ball again. the bears still have it and still have a valid shot at making a major move south there, but that call does not look nearly as juicy as it did a week or so ago.
SPX Daily - There are a few new lines on this chart as well. I was compelled to put them there, but am not really sure they are worth addressing at this point as price consolidates and wanders aimlessly waiting on a cliff solution. "They" are battling hard here to avoid a major meltdown and are succeeding so far. Not the prettiest set up for a reversal here, but not terrible either. Let's just say all the pieces are not in place quite yet. As usual "they" will let the pot boil over again, we (the bears) just need to be patient and let then screw up another time.
STB is in consolidation mode here cautiously waiting out this move. Pretty standard low volume ramp into Xmas here with the markets betting a positive result before the news of an FC resolution.
Happy holidays and Merry Christmas!
GL and GB!
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