Tuesday, May 10, 2016

Morning Charts 5/10/2016 SPX /es

The end WILL come, I promise. It's just a matter of how long 'they' can keep the lipstick on the pig - We Need A Complete System Overhaul: 5 Charts That Blow Up The Status Quo.

On to the lie - 

SPX Daily - Friday I speculated that we'd have a directional change cause OS conditions, the 50 dma and lower BB support, and coming opex. They'd also still be attempting to protect the 64 level. Then yesterday we got the news we'd have a quiet news week which 'they' usually take to their advantage. Not we get another surprise or potential Yentervention. Oh Joy!

SPX 15m - With all my talk about HnS's all over the place, why not have a potential IHnS (or two) rear it's head? And coming off the support and to take back 64 as mentioned above! NBD, I've been looking at several HnS scenarios that need a RS to make an even larger bear pattern with a retracement up to say the 75-80 area. On top of that most know I've been looking for a drop-n-pop to finally set the neg divs on the weekly chart so we can just get on with this coming collapse.

SPX 5m - The breakdown of the black triangle to the falling blue wedge that broke down and had an underthrow, then backtesting busted black triangle support (that tough spot I was talking about yesterday) and now preparing to blow up thru that resistance and possibly gap thru 64 at the open - the almost always gap major S or R - it's the easiest way thru the opposition. Both bully and Bears don't need be gettin all frothy quite yet. Price is still in a contentious spot.

Freedom watch - 

Freedom! LOL. Caught On Tape: This Is What Happened When An MEP Tried To Read The TTIP Text

More to come below. 

Have a good day. 

GL and GB!

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