Morning Charts 08/11/14 SPX /es

Obummer is on vacation - again - Something tells me he will still screw something up while away. Till then, his absence (and that of Congress) may be a positive for markets. Why not, the two most unpopular aspects of the country are out of the picture at least for a bit. Global tensions still on high, but MSM doing a fantastic job minimizing (or disappearing) as many negatives as possible.

Daily SPX - Like I said the MACD Histogram had not turned positive till Friday - this is one of my favorite early turn signals. That with multiple other oversold indicators may provide at least a near term boost for equities. Danger still exists, but right now it appears tehy will take up the slack at this critical support point and do their best to march 'forward'.

More to come below.

Have a good week.

GL and GB!