Friday, July 5, 2013

Morning Charts 07/05/13 SPX /ES

Short day, short post.

Minis hit upper pink resistance, we have a taper off event and we're past the 4th. Could be a game on situation for the bears. I;d love to see a move to a 14 handle. The problem may be earnings. The problem is really for the admin and the Fed, cause this is the point where their lies of recovery and data manipulation are about to throw them under the bus. They can't be in a taper off situation as they say they are and have the economy in shambles. For about a year and a half I called Q1 of 2013 as the end point. It's looking like I missed that by a quarter and Q2 was the start of the end.

Minis 15m - I missed the 1630 STB point call by a day darn it (pink/brown diagonal cross). Not bad when looking into the future over a week out or more and price gravitates to a specific spot. I know they are not perfect, but their accuracy is enough to warrant serious consideration.

Minis 60m - I reworked the original rising yellow channel. 1607 is yellow channel support today, so that's the number to watch below. Above 1630 (upper pink market resistance) and 1634 (brown LT rising channel backtest and the 61% retrace off the top) are the two key numbers.

SPX 60m -

Enjoy the weekend.

GL and GB!

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