Wednesday, April 2, 2014

Morning Charts 04/02/14 SPX /es

Run for cover? That's my question to you this morning. Let me clarify. This is not a top call it is a protection call. Bottom line is should you be getting your assets in your pocket and out of theirs. 

Should you be preparing for the worst scenario possible? Like - they are going to confiscate everything. Complete capital controls will be initiated "for your protection" one day. To think it can't happen here is ludicrous. Think Cyprus on steroids. 

I'm talking should you be getting out of the dollar and into physical and other barterable items with stores of food, water filters, ammo where you can self sustain? I'm just saying, if you have not done so already, the clock is ticking. You can either be at the mercy of the state one day or at least have some control over your situation. The choice is yours. 

On to the lie - 

Minis 60m - Small gray rising wedge has formed here, but I don't think it is complete. I think the lower support will need to be reset and allow for a larger formation to form. There is a chance the dump it back to 1866 today to backtest all sorts of busted resistance and then march on from there. There is a chance there is another rising channel that has formed if this 1880 level holds. If not and it want's the upper pink channel resistance, well then, the 1930 area comes into play. One thing about this market is you can never say never, especially in the face of the worst adversity.

Minis 5m - Here you can see what I think may be new yellow channel resistance and all the support at 1866 that may want to be backtested.

SPX Daily - It is just nasty. The term "defies logic" comes to mind.Negative divergences being overthrown with the very narrow BB's usually signals some sort of pullback - not ramp.

More to come below.

Have a good day. 

GL and GB.

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