The hilarity of the ramp yesterday dissected by TD - Today's 3-Step Manipulation To S&P 2,000. It was fairly obvious the timing of the low. I posted the underthrow on the 10m chart within 1 point yesterday. The near term over and underthrows have led to almost every turn in the past two weeks. The only question was how high they would take it? These moves are virtually undecipherable.
SPX 15m - You can see the very slight underthrow of the positive divergences at the pink dashed line. Support was found in the 5 point area I noted yesterday morning. They had to save it or a move to 1952 would have happened rather quickly. The potential HnS can be seen here with the RS forming yesterday. The RS can top anywhere from the round number resistance up to 2007. Of course, as noted, this formation is more bullish now than bearish, and I'd give it a 1 in 10 shot of actually working for the bears. Any move above 2003 should guarantee a higher high for the bulltards. The market is basically formless right now with no discernible patterns. This happens when things are not occurring naturally.
SPX 30m - Little better view here of what I see. A formless fall off the backtest of resistance to backtest busted red resistance near 1985 support. The 30m 100ma 200ma may hinder things here at the 50% retracement moving north. It's a crapshoot to 2003 where the 61% STB bull/bear line resides.
More to come below.
Have a good day.
GL and GB!
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