Tuesday, January 26, 2016

Morning Charts 01/26/2016 SPX /es

When I say watch the news, well, make sure you include everyone's contrarian indicator - Is This Why Futures Soared Overnight?

"things are not yet “cheap” enough to warrant even nibbling at equities."
Emphasis on contrarian. Markets will continue to wait on Grandma tomorrow. What she says is all that matters. 

On to the lie - 

SPX 5m -  Met resistance, broke support, held support, broke support and finally held support. Price at a very precarious spot with only the hope of Grandma going doveish potentially keeping price from falling as low as 1575. Potential right shoulder forming here to finish a potential inverse head and shoulders. At this time I remain bearish (note: I really can't see a time in the near future when I'll be otherwise) while waiting on directional clues from the Fed.

Freedom watch - 

It's what it is going to take to get our country back - Is There A "Fourth Revolution" On The Horizon In America?

More to come below. 

Have a good day. 

GL and GB!

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