Tuesday, June 18, 2013

Morning Charts 06/18/13 SPX /ES

Again, I see no reason to post anything relevant today as we wait for the G summit and the FOMC to create the market moving news. Taper, war and fascism are the only things that you should be concerned about today. Taper - they have to do but can't, and this is the only thing that moves markets significantly these days. War - gotta have one to distract everyone from reality, to get the banks more billions funding both sides of the conflict and to appease the military industrial complex. Fascism - secure the president to the end of his term (if not longer) thru war and the rapid advancement of the police state.

There you have it all in a nutshell this morning. Funny, those all used to be considered complete conspiracy theory, then they became disputable and now they are conspiracy fact that I don't even have to back up with factoids anymore. Can you say game over?

On to the lies -

Again, not really sure anything is needed here. Yesterday was a perfect example. The Fed makes a great stick save at critical support, drives price up on zero news, then taper talk hits and price gets slammed to first support and then price drifts higher again for no specific reason. Two words - Central Planning. Nothing is real and they control everything.

Minis 60m - This is the best chart I got right now. Potential double bottom W formation or and IHnS or a cup and handle - all bullish above critical pink support with channel resistance(green) busted and backtested. The 43 to 50 area is critical resistance. 1611 is critical support. Any significant move beyond either and the move in that direction has potential to be large and in charge.

So we sit and wait on the G meeting and the FOMC to show us their hand. I would not do anything prior to them telling you the next move in their centrally planned world. Then follow their lead. It is that simple. Oh, of course you have to remove your brain from the equation and take everything that is rel and logical and lock it in a drawer.

More to come below as usual. Thanks for being here.

Have a good day.

GL and GB!

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