Morning Charts 01/04/12 SPX /ES

Updated SPX Daily - I don't think you need instructions to read this chart. If you do, I'll put it simply, it does not look good. Yesterday's candle was not the hottest at all. The double diagonal resistance and overboutght conditions with negative divergences all over the place are telling of a reversal sooner than later. That said, never forget that this market is controlled, manipulated and contrived by the powers that be. We're in the ballpark of a double top, and at this stage of the game it would be the perfect final formation to be the ultimate top,

Here comes the debt ceiling and Q4 earnings. They will need distractions or something. Again one will need to be wary of the fall and the market recovery with yet another 11th hour bailout. At some time the EU and another market lifting stimulus will become reality.

Discussion was excellent yesterday in the commentary. If you missed it I suggest you scroll thru the comments. Might possibly be the best news and info feed on the net. Really excellent day, thanks to all.

GL and GB!