Tough spot for the market with the world crumbling down around it. The market remains precariously poised to either breakout or collapse. Sad to realize that even under these horrific conditions the fear of higher highs and uncontrolled ramps higher are real possibilities. Ah, the wondrous world of central planning.
Minis 60m - The falling channel and its upper (green) resistance is drilling down into the long term rising (pink) channel support with key ma's all around price here. She's going one way or the other early next week. I'll look for more technical clues over the weekend, but the markets remain mainly taper news driven. We're still at Hilsenrath's mercy I guess.
Minis 4hr - You can see the larger picture here with the pink channel up and green channel driving down into support. The yellow rising diagonal is the old rising wedge upper resistance. 1541 is acting as a potential neckline as I have been proposing as a possible head and shoulders forming here. A pipe dream I know, but if we are topping that is one formation you want to start searching for. Another formation would be a descending triangle, which a smaller one with a 1596 neckline could be forming here.
I'll post more charts and commentary over the weekend.
Something came up in comments Friday I want to address real quick. I'm very happy with the board. Y'all don't change a thing. Stay the course, each of you. If I had any issues you'd know it. We're all adults. We're all under tremendous stress. We're all handling things the best way we know how.
STB is here for you, not me. Rant away and let it all out, just always remember to try your best to remain respectful to others. You are free to disagree with anyone or thing including me. STB is not a fascist totalitarian state like the one we live in. You still have original constitutional rights here (combined with my simple rules of course). Be yourself. Have fun. Share with others. We are a community. It will never be perfect, but it is pretty darn good thanks to all of you.
Note to the lurkers - get on out there. I was once a commentary reader only and it changed my life once I came out of the closet and got involved. Share your knowledge, post links, ask questions - just get involved. I think you'll be better off for it. Any former lurkers that would like to leave testimony to this fact can below.
Enjoy the weekend.
GL and GB!
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