Tuesday, December 9, 2014

Morning Charts 12/09/2014 SPX /es

I suggest - Surveying The Carnage: Bullion Bounces, 30 Year Below 2014 Lows, Stocks Dump

You need to read this - it has potential (is proven) to be market related, STB "event" related and is IMO potentially their final "out" related - Why Are U.S. ‘News’-Media Ignoring Important News?
Also see this and this and this.  
"Or is the biggest news-story of our time actually that cover-up itself: the control of virtually all of our ‘news’-media by the same aristocracy — the same interconnected group of billionaires and their servants (including their ‘news’ executives)? And, if that’s the case, then how will the public even possibly come to know about the biggest news-story of our time?
After all, when it’s the case that the “U.S. House Votes 98% to Donate U.S. Weapons to Ukraine; U.S. Public Is 67% Against. Is this Democracy?” the question that’s being asked there is a very serious one, indeed."
Worth a look for consideration - Must-Know Facts about the Chokehold Killing of Eric Garner and - LeBron, Irving in 'I Can't Breathe' tees.

On to the lie - 

Well, maybe that post turkey day tumble (that was postponed from last week) that we've been anticipating for some time now is finally about to happen. Don't get too excited, it seems everyone knows this is not the big one and any dip will only be responded to with another holiday ramp (as all STB readers have come to know and love over the years). It's after Xmas that I'm focused on. 

SPX 30m - Mentioned NT support yesterday. It's gonna fail badly at the open. 1980 is the 38% retrace of the move off the October lows. This may not be a concern as they rarely let price fall to this key metric. I still like the 2025 area as a target. 

SPX 60m - A formless lump of nothing is what this run has amounted to. Back before turkey day I was looking for a fall to set a lower rising wedge support diagonal (a "D" point), and then for the run to finish in a nice and tidy rising wedge. Maybe that's what we're about to get here with some (possible) sort of pullback and then ramp into Xmas. Watch the MA's on the 30m - Daily charts for obvious support points. Note both the 30 and 60m charts will be oversold right after the open this AM but also critical NT support will be gone. A potential backtest of busted blue support should always be considered. 

More to come below. 

Have a good day. 

GL and GB!

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