Tuesday, May 28, 2013

Morning Charts 05/28/13

It is what it is till it isn't. Only the Fed with total control could weather the last storm and come out without a visible scratch.

As for today being a Tuesday, well - Traders Taunted By "20 Out Of 20" Turbo Tuesday (With POMO)Nuff said there.

SPX Daily - Wads of support lie below. Funny part is that the significant fall last week never even scared the 50 dma. Heck it never reached the 20. That is how over bought this thing is. That lower red channel support diagonal is the key I believe. This has potential to be the 6th reversal candle scenario to fail, and the 8th negative divergence to fail this year. That is some serious weight trying to drag this thing down.

There are no magic bullets or spells that will bring this sucker down. They can't let it fall and they have their control system humming along nicely. Event and 2 P's, That's all I got now. Boring, yes, but this is the new reality till it isn't.

Have a good day.

GL and GB!

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