Wednesday, December 10, 2014

Morning Charts 12/10/2014 SPX /es

You knew it was coming

 "And there were in the same country shepherds abiding in the field, keeping watch over their flock by night. And lo, the angel of the Lord came upon them, and the glory of the Lord shone round about them: and they were sore afraid. And the angel said unto them, 'Fear not: for behold, I bring unto you good tidings of great joy, which shall be to all people. For unto you is born this day in the City of David a Savior, which is Christ the Lord. And this shall be a sign unto you; Ye shall find the babe wrapped in swaddling clothes, lying in a manger.' And suddenly there was with the angel a multitude of the heavenly host, praising God, and saying, 'Glory to God in the highest, and on earth peace, good will toward men.'"
That's what Christmas is all about, Charlie Brown.

And my favorite

“And the Grinch, with his Grinch-feet ice cold in the snow, stood puzzling and puzzling, how could it be so? It came without ribbons. It came without tags. It came without packages, boxes or bags. And he puzzled and puzzled 'till his puzzler was sore. Then the Grinch thought of something he hadn't before. What if Christmas, he thought, doesn't come from a store. What if Christmas, perhaps, means a little bit more.” ― Dr. SeussHow the Grinch Stole Christmas!

Of course may more to come between now and when the fat man comes. 

On to the lie - 

SPX 5m - you can't fight this - they close it off .49. 25 down and 25 up. They take a month of overbought conditions on short term charts and have them oversold in less than two days. Granted they did give back everything they took in that month in two days (as I like to warn often). The turns, swings and volatility (or lack thereof) is simply nuts. 

SPX 60m - Yesterday I said to watch for the MA's as sign of reversal points. Computers like to have exact data points to deal with, so program to react at specific points. See below. I also (as I always do) warned of the backtest of busted support. A pretty solid lower low was set, now can the bears follow through? Another point is that I have been looking for a lower point to set a support diagonal for a rising wedge. IMO that's not low enough. We still have two weeks to Xmas. I'd prefer them to dip it down to the 2025 area before they ramp it for Santa, but that may have been it. 

More to come below. 

Have a good day. 

GL and GB!

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