Morning Charts 07/14/2020

What seems like ages ago, for some of the older people that ‘had a good time’, this day was similar to 4/20. Ah, the good ‘ol days. 

Biden unleashes his Solyndra 2.0 plan. Brilliant! 

Cali? Ya, depending on how this election goes, I’d have contingency plans on moving. 

On to the lie - 

Yesterday was technically interesting. It allowed a whole new wave of negative divergences to come into play. Let’s clarify that, since roughly 2010 under the new follow the Fed normal, neg divs have little impact. That said, they still exist and deserve to be recognized. 

Yet, nothing is real and the Fed is in total control, well ... you look but don’t touch. How do they move through resistance like this? Ya think they’re gonna pay for it? Nope. Watch for them to line up a slew of shorts to get slaughtered. It’s possible they march on like this resistance point doesn’t exist, but a little fear, get everyone thinking down and then stomp the gas. Are they that easy to read? Based on the last 10 years I like the odds of that scenario, but you never know. Underlying conditions are ... not so desirable. Then again old timers, how far back do you have to look to find when conditions were desirable? 

More to come below. 

Have a good day. 

GL and GB!