So, the ramp Monday was not due to the Greece announcement as everyone thought. I propose it was insider front running of the leaked potential QE4 news that hit yesterday. I've spoken recently about the #fail ECB QE and that any relevant market moving news would have to come from the Fed. That's what they needed and that's what they delivered. To me this is an odd spot for the Fed to have to use their ultimate trump card which I expected as a last resort stick save down in the SPX 1700 - 1800 area. They must be really afraid of something here.
On to the lie -
I remain bearish. without Fed speak they got nothing.
SPX 60m - descending triangle or the upper triangle resistance his here. We're the Fed's words enough? We find out today.
SPX 5m - If the wedge is right then down to support for D and then up one more time for E than the wedge would be complete. Not sure if this is right with the two triangle situations above. ST neg divs showing up this morning in the minis.
More to come below.
Have a good day.
GL and GB!
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