Friday, June 28, 2013

Morning Charts 06/28/13 SPX /ES

On the travel/home computer so things look and are a bit different. Just a few charts for y'all this morning.

Minis 4hr - STB point where hot pink crosses pink is at 1636 on 07/01 (rather than 30 on the 3rd on the work computer) right at the 61% retracement. This computer has the blue s/r diagonal (that used to be the IHnS neckline we were looking at last week) which sits around 1658 and the 78% retracement.

Minis 60m - price is battling with the green near term upper channel resistance and the 38% retracement here near 0607. Thsi is my first major resistance area.

Minis 30m - A closer look at the yellow rising channel. I want a rising wedge to form but may not get it.

Hang in there bears. Things are crumbling even faster now and they can't keep all these balls in the air forever. BUT till then, you have to follow the taper and QE rumors. So, check your brain and emotions at the door every MOARning. I promise you wont need them, and they will just get in the way. Follow the Fed.

Another thing is the STB theory of raising markets into the holiday weekend. Remember the central planners want us all happy and giddy talking up stocks, not the other way around.

SPX 60m - Here is the cash chart with the open gap.

Hold down the fort.

Enjoy the weekend.

GL and GB!

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