Thursday, January 21, 2016

Morning Charts 01/21/2015 SPX /es

Well after Dalio Says QE4 Just Around The Corner yesterday, today we get What Will Mario Draghi Say Today: Thoughts Ahead Of The ECB Announcement
"Rhetoric can include anticipation of deeply negative interest rates and upsized QE, for future meetings."
It's still all about 'them' and what 'they' want. I highly suggest you pay attention to their rhetoric and the market's reaction to it. This should take precedent and drive most every trade decision you make. Just MHO. What have I said for years? Ah yes, follow the Fed.

STB's "event" has not happened quite yet. Close, but not yet. We may need this before we can get real catastrophic failure. Something has to take control of the market from the Fed. Until then, I don't think we get true carnage.

On to the lie -

There are some theories and thought on what sort of intervention cause the reversal yesterday, when and why. I'm not sure why they chose where they did. Bottom line is they had to stop the slide. this was not a 'natural' action.

SPX 30m - Main thing to consider is the backtest of busted major resistance at the close yesterday. Failure here could be catastrophic.

SPX Weekly - Looking at the weekly chart you can clearly see the busted resistance that should theoretically be backtested before a true move south should occur. 1871, 1900 and 1920 are the three key backtest areas I'll be watching for key reversal points.

Freedom watch -

Must read - The 21st Century: An Era Of Fraud — Paul Craig Roberts

More to come below.

Have a good day.

GL and GB!

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