Wednesday, January 28, 2015

Morning Charts 01/28/2015 SPX /es

FOMC day - not gonna waste my breath on a post. Why, when it's all a crap shoot relying on specific word bank weightings of excitable adjectives? To ease or not to ease? To raise rates or not? Grandma could make it really easy on all of us and simply say, no easing and no rate raise. Done, there you have it, see you next month. 

On to the lie - 

SPX Daily - The bull case - ECB QE #fail, the FOMC better come to bat today, and the AAPL beat lift failed (SPX futures fell 15 points from highs last night). The bear case - price broke LT support (black - the STB diagonal of death) that's been a spring board for price since December of 2012 for the fourth time in the last four months. The backtest of this busted support is cause for concern for bully. The red rising wedge that STB said would form back in October has a completed A-E formation, and with the LT black diagonal's interaction with price in the bottom of this wedge price is getting a double dose of downward pressure. Bottom line is price is apparently (at this moment) reacting more to technical pressures than to inflationary fiat measures. This is a huge change and must be noted. 

More to come below. 

Have a good day. 

GL and GB!

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