Wednesday, May 24, 2017

Morning Charts 05/24/2017 SPX /es

FOMC day so should be quiet until the fireworks start. Note there is a good chance they will be only duds and the show will suck. 

As for price - One of two things is set to happen - A) either they are about to go for an unprecedented overthrow and breakout over 2400 or B) as the technicals are aligned across all time frames a 5- 12% correction is coming. 2180 to 2120 should be the floor if the PPT can stop it.

Either 'they' ramp it or something is about to happen to cause a significant decline as a technical Cat5 hurricane is sitting just off shore.

On to the lie -

SPX Daily - Any pop here only makes the negative divergences even worse. 

More to come below.

Have a good day.

GL and GB!

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