Monday, March 24, 2014

Morning Charts 03/24/14 SPX /es

SSDD, pretty simple when you follow the bad news is good news meme. See Futures Rise As More Weak Chinese Data Prompts More Stimulus Hopes for more clarity on this. Key word - Hope. As I always discuss, even though the Fed is supposedly in full blown Taper ON mode, all it takes is the potential promise that easing could return in the future and markets march on like all is well. Oblivious to reality with the Fed's "put" in their back pocket markets unconsciously roll along as if there will be no consequences to their actions.

Enough of this junk, on to the lie -

Minis 60m - Pretty simple. Some form returning.   Resistance is 1866 and then from 1878 to 1887. Support is 1859 then 53 then 44. It looks like up today. One thing you can count on is that the economic data delivered this week will be manufactured to get whatever results they want. There is very real danger that the top is set, and this is a bull trap move to a double top that could lead to a very real breakdown in the markets this week.

Enough of the lie, more to come below.

Have a good week.

GL and GB!

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