Tuesday, June 28, 2016

Morning Charts 06/28/2016 SPX /es

What's the one word that stands out in this headline? Global Stocks Rebound, US Futures Jump On Expectation Of "Coordinated Intervention By Central Banks". And what similar or related word is in this headline? This Is What Draghi Said To Spark Speculation Of Another Global Central Bank Bailout. Expectation and speculation are the two words I'm looking for. If you had gone with intervention and bailout, you would have been close. What? Did you expect anything other than the new normal? It's all they know how to do, intervene. Everyone is conditioned to it and fully expects it. We all know that one day it won't work any longer and the game will end, so enjoy the ride till then. When it ends things are gonna get beyond historically ugly. 

And if you believe the newest rosy GDP numbers, then you're dumber than someone that would vote for the Hildabeast.

On to the lie -

Well 1990 was a good target, and a reversal or retracement off that point was also somewhat expected. Remember - 'they' can't let it crash. It's all they got between us and them and total loss of control. Now, bully is by no means out of the woods yet. They are losing control and the ability to manufacture ramps via their traditional methods (other than short squeezes). 

SPX 60m - I expanded the chart to the left to gather a bit more data. This shows the s/r at 1990 better. Price moves rather quickly between 64 and 90 (yellow area) doesn't it? And what happens to price under 90? Well, they don't want to experience that - so they stick save! See that lower black descending support diagonal? That's a good target line if this fall continues. Also, looking at the chart - one would favor a breakdown here based on recent performance and failed policy.

SPX 30m - No form to the breakdown. I don't think you can rule out a backtest of 64. That island gap just above 2100 will bother me till it's closed.

Freedom watch -

It's all now a battle vs. the elites. EU v. Brexit = Class War

Which is way overdue.

More to come below.

Have a good day. 

GL and GB!

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