Thursday, February 25, 2016

Morning Charts 02/25/2016 SPX /es

Not much in the news other than a couple of markets breaking and the attempted return of Bad = Good. Everything else is in complete meltdown.

On to the lie - 

SPX 15m - This chart has done me well over the past few weeks, so I'm gonna stick with it till it breaks. Multiple wedges and reformations (all expected), cept now they're at a point where they can't readjust anymore. A rising channel is about the only thing they could morph into now, which technically is what should happen if we're in a bull situation. So, today I'll be watching the black and blue wedges for hints at direction. 1871, 1920 and 45 areas are key S and R. Remember SPX is locked in the larger lower third consolidation area that has a massive range. The chance of a near term small HnS is in play as well as a much larger IHnS. We're actually in the RS of both right now. Yesterday STB did a good job of calling and targeting the turn. I then speculated we go sideways then possibly fall. Negative news or price action leading into the G20 meeting this weekend for the market to try and force some sort of action is possible. Note: We've moved from a front running ramp knowing or pricing in expected good news to the exact opposite where the market is trying to force policy. 

Freedom watch - 

Like I said from the very beginning. I smell a rat. Denninger - "Tim Cook: STOP WITH YOUR ****ING LIES."

LOL - the best possible situation for the military industrial complex - The Insanity of American Foreign Policy: CIA-Backed Rebels Are Fighting Pentagon-Backed Rebels

More to come below. 

Have a good day. 

GL and GB!

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