Wednesday, May 8, 2013

Morning Charts 05/08/13 SPX /ES

I have a couple of meetings this morning that will keep me out till around noon.

We all know what it's all about, and they accomplished another mission yesterday with the DOW 15000 close. Top signs are everywhere. I've been reduced to the two P's - Patience and Prepare. It was follow the Fed for a couple of years and now all you can do is watch and wait.

Minis 4hr - Working from the travel/home set of ToS charts things may look a bit cleaner and slightly different. Note to those chartists out there - charting the same thing on two different computers can open new perspectives. Plain and clear the yellow channel up and price is back in the green older channel up. Support and resistance should be pretty clear.

SPX Daily - Looked at CPC, BP and VIX charts. Nasty conditions and the VIX is beginning to show signs that some sort of correction is coming sooner than later. Yes, I know the VIX is busted all to hell, but when it has moved in the same direction with SPX for longer periods of time it has been and unmistakeable trend change spotter.

And another interesting chart - 10m sma intervals -

Have a good day.

GL and GB!

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