Friday, May 30, 2014

Morning Charts 05/30/14 SPX /es

I have a breakfast meeting this morning, so I'll be in at some time later. Sorry no detailed post. I will get everyone caught up when I get it to the office. 

I think we all know the bottom line, and most know I'm looking at the triple wedge overthrow to be the possible cherry on top of all of this. Hard to think that this could happen this morning. 1923 is upper red wedge of death resistance. Price is currently overthrowing the green and yellow rising wedge. After the GDP news yesterday and the price reaction, I'm not sure what it is going to take to stop these criminals.

I really don't see how technically this is not going to be some sort of reversal point. Like, a major reversal point. I will more than likely throw out another rare swing short on 'principle' and may throw in the towel and finally call a top. Technically I'm not sure how I will be able to avoid the call.

This is the minis chart from yesterday morning. The only difference was that afternoon spike thru green and yellow resistance with price closing near 1918 just under red resistance. Gotta love the market action yesterday that made absolutely no sense at all after the GDP announcement. FUBAR is the best description I can come up with at this time.

More to come below when I get in the office. Hold down the fort. 

Have you sherd STB lately? 

Have a great weekend. 

GL and GB.

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