The key words we're all looking for - moar - here is the first hint - we started looking for this last week as we knew it would come from somewhere sooner than later - Equities Soar, Oil Back Over $30 On Hopes For More Stimulus Following Disturbing Chinese Data.
QE - or the hope of QE is all that matters. Well, we all know how well 'hope' has worked over the past eight years.
On to the lie -
SPX Daily - Well, the last three times at this lever the reversal was quick and large. I think you have to look all the way up to 1990 if they can make it happen.I'll add that a breakdown here would trigger the potential large Head and Shoulders pattern that targets 1600 which is rather close tho 1575 which would be my next lower target.
SPX 30m - 4 weeks of falling markets, the worst start to any year and three weeks of positive divergences meeting critical support - well, the odds here the interventionists make a stand should be pretty good. Now, deserved or not, that's another question. Here we go again or it's different this time - which is it? 1940 -1950 is the first real resistance area. I've been wanting some sort of retracement. We want good form with at least the beginning of this fall. We want a healthier move south creating resistance points. Off of 2081 there is a clear 5 wave move. 1943 is the 38% retracement and the 61% is 1996. Both those numbers look really good for continuation points to the south.
Freedom watch -
h/t to DC - from yesterday's post - as he said Freedom watch! Oregon now seizing bank accounts of Christians who refuse to abandon their religious beliefs
More to come below.
Have a good week.
GL and GB!