On to the lie -
SPX Daily - Yesterday I mentioned and we discussed the 20 and 200 DMA support at the 2064 S/R level. This is a key point for team manipulation. If this breaks there is roughly a 100 point supportless void in SPX.
SPX 5m - The potential pop this morning to take out resistance was discussed yesterday in the comments. The pop will be enough to crack R, but will it be enough to take it down? I'll be watching the 38% retracement at 86 for clues to direction. I'm not so sure bully has put the bears to bed quite yet. While this move in this chart looks really large, see just how small it is in the overall situation above. This is the top 50 points of a 250 point range. This 2064 level is the support of the top (of the three) consolidation area.
SPX 60m - One more look - there is more resistance right here in the 60m 200ma. There is the possible formation of a HnS (beware the RS ramp). So, put it all together and we're in a situation where the Fed must step up and save this, or lose support and let price move as low as 1980. Yesterday I mentioned consolidation from 86 down to 64 - that's a real possibility as they try to figure things out.
Freedom watch -
Veterans Day - Many thanks to all the served and to the friends and families of those that paid the ultimate price.
Sadly, the new servicemen and women no longer fight for what's right or a Constitution they are enlisted or volunteer for another cause - The Deep State: The Unelected Shadow Government Is Here To Stay
Listen carefully -
More to come below.
Have a good day.
GL and GB!
Post a Comment
Keep it civil and respectful to others.