Tuesday, July 30, 2013

Morning Charts 07/30/13 SPX /ES

Whatever - Which way will the wind blow today? More than likely up the skirt, but you never know. What used to be clockwork has become somewhat of a guessing game, We had a whole bunch of taper ON talk yesterday. Apparently either Mr.Market is in disbelief, or it does not know what to believe anymore based on yesterday's price action.

The market did not tank. Why? Why not the same reaction as a month ago? Well I'd guess another abrupt about face from the Fed, you know, the ones that come when the markets start fading fast, is apparently expected to be delivered at any moment. Bernanke just got it out of his mouth he can't stop easing, yet here we are again tapering ON?

Like I said, whatever. Getting thru August is gonna be hell I think, but that is OK. Market tops are never easy. I've discussed for some time not the volatility that would come, and it has not disappointed thus far. I expect the craziness to pick up a bit.

Minis - Well, it is what it is. I have no crystal ball. Above red and green busted support backtests are resistance. Below is peach major support. This is your tug-o-war.

Minis - So, is she rolling over or is this just another bull flag? If she's rolling over peach support is the first line they will try to defend. If that cracks the red diagonal in the lower right corner will be the line they MUST defend. That sort of thinking at this time is still a bit premature. The charts say it isn't, but the Bernank, well he still has a few things left to say.

As usual, more to come below.

Have a good day.

GL and GB!

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