Friday, May 5, 2017

Morning Charts 05/05/2017 SPX /es

Happy Cinco de Mayo!

Jobs, Grandma and whatever else they can find to distract us today. 

We may need to pay closer attention to what's going on across the pond - Italy Dependent On ECB "Buyer Of Last Resort" As Foreign Investors Dump Bonds Amid Capital Flight

On to the lie -

SPX 5m - Let's not complicate things - descending triangle with 83 support. As the triangle flows a HnS has formed. Then a descending channel popped up. All of this is on a island which is above another island. That's all above roughly 30 points of gap space that comprise about 50% of this move off the 28 low. All of this just below the round number in range of a fresh new ATH. Sadly the current setup is so bearish it almost guarantees a breakout LOL.

More to come below.

Have a good day.

GL and GB!

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