Friday, July 3, 2015

Morning Charts 07/03/2015 SPX /es

Can't recall the last time there was so much drama in the air and the futures were absolutely flat. 

On to the lie -

I am blown away that they did not ramp it for the holiday. If anything I'd suspect they fight hard to regain the round number on at least the DOW today. If they can't then times have definitely changed and not for the better. Their standard pattern for falls has failed to develop this time as well. 

SPX 5m - Gotta love double fib confluence at resistance. I must have misdrawn that upper resistance diagonal. I did change the rising channel to a wedge (which has broken down). Watch 57 - 62 support closely. 

SPX Daily - To give you a better idea of the cliff we're looking over ...... I think there is a good possibility if they don't manage a ramp today that the HnS appears to be in play, and the backtest of the neckline yesterday near 85 could have been a kiss of death. Target is around 2030. If the current lows break 2000 has to be the target. 

There will be some sort of post up tomorrow and through the weekend. 

More to come below. 

Have a great holiday weekend. 

GL and GB! 

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