Monday, June 16, 2014

Morning Charts 06/16/14 SPX /es

Ahh, the summer schedule .... sorry I'm a bit late.

Quickly - a review - I said 1954 was as good as it will ever get for a top (but still have not called it) - told you prior resistance would not provide much support and red failed - then pink channel support and red resistance got in a battle till that failed - prior green resistance was no contest - price finally fell to the first target area I really liked all last week around 1918 -

So now prior yellow resistance sits above green support and below green resistance - this is a sticking point and could become a bit of a confusing area - not to mention the 38% retrace is right here as well with prior 1914 s/r.

So - 1932 is key first resistance - 1914 to 1912 is key support today. Friday's gap down is now closed.

Minis 60m -

I like down after a brief pause here.

Minis 4hr - Notice the position of the lower red diagonal of death - that is everyone's bogey I'm betting. 1900.

More to come below.

Have a good week.

GL and GB!

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