Morning Charts 01/22/2015 SPX /es

Not much to say other than we've been discussing this day for weeks now. Will it be enough? If so, new ATH's should be in your future. If not, a sell off and sooner than later mass of Fed speak to calm and lift will come. Pretty simple if you've been paying attention over the years. Predictable? LOL, like clockwork. Just remember, it is their game and to try, or even contemplate, to outguess them is impossible. Just sit back and follow their lead. As I've said for years, check your brain at the door every morning and follow the Fed. 


On to the lie - 

SPX Daily - Bear case - busted wedge support and backtest of that busted support - they are obviously allergic to that 200dma, but if the ECB does not please I suspect price may visit at least that point near 1967. This would satisfy my desire for price on this fall to drift to the low 70's before recovering. Now remember price floats above a supportless void, so if say the 1950 area goes another 18 handle could easily be in the picture. 

SPX 5m - everything formation wise here says more down than up to me. Overthrowing either rising wedge scenario. I've been all over the 25 area as a hot spot since the last top, and it's not disappointing me. Price looks to me like they have been rather cautiously front loading the ECB announcement. Funny but that's the worst case of BTFD I've seen in years. This is the market having credibility issues with those promising liquidity, not good. 

Let's see what they do. then we'll go from there. 



More to come below. 

Have a good day. 

GL and GB!