Thursday, February 7, 2013

Morning Charts 02/07/13 SPX /ES USD/JPY

For those expecting snow in the NE, if it is anything like the rain we're getting here in Georgia, y'all got something really big on the way.

Not much to say about the markets or economy or the fascist state this morning, so I will give you a break from the rants. The lies and corruption are so blatant now it is unthinkable.

Daily SPX - It is what it is, negative divergences and all. You are witnessing raw and blatant corruption, greed and manipulation of the greatest market on earth for the benefit of the few all the while destroying the greatest nation on earth.

Minis 60m - Triple top or ascending triangle? Ascending triangle is worth 20 points and targets 1530. What is and ascending triangle? Check here for more information. Triple top given horrific economic, overbought market conditions and all the recent technical formations, you decide. Remember the Fed is in total control. I can point to about three spots the markets should have topped for good. this is a 4th. I will stubbornly stick to my liking of the 67 to 60 area, but anything above 11 and another breakout should be in store.

A quick look at USD/JPY - if you would like more analysis on this let me know below. After the green falling wedge breakout, the 38% retrace of the last high at LT pink resistance is hitting here at 94. More importantly LT s/r, upper blue LT resistance diag and the 38% retrace off the all time high of 147 is just above at 103. That is a really serious resistance point. The dashed green falling wedge target line lies between the 103 and 94. Upper blue and lower blue diags make a falling wedge formation that goes back to 1995. This would be up for D and then one last move down for E is left to complete the formation (and probably the Yen). You may want to read Why This Time Won't Be different for Japan.

Have a good day.

GL and GB!

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