May Day - As Europe became Christianized, the pagan holidays lost their religious character and either changed into popular secular celebrations, as with May Day, or were merged with or replaced by new Christian holidays as with Christmas, Easter, and All Saint's Day. In the 20th and continuing into the 21st century, many neopagans began reconstructing the old traditions and celebrating May Day as a pagan religious festival again.
Nice, "celebrating May Day as a pagan religious festival again." That's just special isn't it? Well with this "holiday" comes a break of sorts I guess. Futures Lethargic With Overnight Ramp As Half The World Takes Day Off "It is May Day, which means half the world - the half where welfare contributions to one's standard of living are off the charts - celebrates labor, or rather the lack thereof, by taking the day off. Which means virtually all of Europe is closed, as are Eurex and Euronext futures, and most European markets expect the UK." Party on Garth!
With that going for us let's just move along to the lie -
Minis 60m - Upper blue channel resistance. Past three days we've been looking at the 1874 to 1878 area for resistance and here we are. If this resistance goes the march to 1900 may not be stopped this time.
I'm thinking one of two things - First, critical support is all up their backsides here so they need room. This thought would imply they simply ramp it from here. Or second, they can't ramp it and need moar stimulus so they tank it enough to generate enough fear to un-taper and increase QE in some manner thus crating the double whammy sort squeeze liquidity infused ramp. I don't know. Those scenarios cover the lot. Yellen was little help yesterday as far as giving us any clear direction on policy IMO.
SPX Daily - Negative divergences persist as price levitates. This really is amazing. Could they be about to overthrow the massive neg divs again and take us even deeper down the rabbit hole? One would think this impossible, but after what we've seen over the past four years, I have complete confidence in their ability to do anything they want. Follow the green rising wedge. I think this is the end - as in end - formation.
Comparison Chart - Throw 'em all down in one place and see what you get - well it may not look like much, but the COMP and RUT are falling off a cliff and I'm not so sure anyone is really paying attention. After the 'bunch' which STB loves to mark tops things have not been so rosy.
SPX vs. Bullish Percent - Wow is about all I can say. BP falling off the cliff now in the biggest neg div to price I may have ever seen. See top right. Sorry not updated.
CPC - Always worth a look. Is price rising and CPC weakening supposed to happen? Ah, the new normal!
RUT Daily - The world's largest ever overthrow of a rising wedge. Someone please call the folks at Guiness World Records and get them in the book please. See yellow boxes on MACD - this one's top should be set.
10m SMA Chart - Ya know, I got no clue how they do it.
SPX Weekly - I'll be massively disappointed if this failure time frame does not work out.
More to come below.
Have a good day.
GL and GB!
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