Wednesday, September 16, 2015

Morning Charts 09/16/2015 SPX /es

Sticking with the three C's for a while - China, Confusion and Corruption. Bad = Good is making an astounding comeback. Fed meeting is all that matters, till then, till clarity is delivered, we're no more than a candle blowing in the wind.

On to the lie - 

2032 around Halloween? Don't know, but a STB point there at the 62% retrace with the formation of a possible rising wedge would make for a good scenario. Churn it up while remaining in consolidation. Course in this manipulated market we play in, with recent volatility it could be at 2032 or 1932 tomorrow. 

SPX Daily - Note for those "counting", any recovery here without a "5th" and your screwed. I still want 1820 and stubbornly lean south with consolidation being the primary force. Disappointed that they blew through resistance yesterday.

SPX 30m - STB covering all the bases. When confusion reigns in consolidation at what I see as a major long term top, you get volatility. With that you have to look for all the zigs and zags and can't really stay married to one idea for too long. You saw this from me last week. Potential rising triangle. One of you pointed it out to me in the commentary yesterday (the old and wise one I believe). That breakout looks legit on the outside. Wow, where wedge consolidation meets channel resistance, the point where failure was immanent, with economies and everything crashing all around and ..... the sucker breaks out! Great spot to squeeze some shorts! Welcome to the Fed's world dear trader.

Freedom watch - 

Spooky when you think about where they are going - Google hires mental health expert to lead new life sciences unit

More to come below. 

Have a good day. 

GL and GB!

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