SPX Daily - A chart you gotta see.

I updated the chart above and added the vertical lines where MACD crosses and STO crosses its EMA. If you notice where we currently are the two fakeouts at the EMA on STO are clear and SPX is running out of chances to hold up. When this crosses I would expect if to be significant but nothing is guaranteed. I also took a peek at the VIX and it is not as ready to turn as the market, but getting close daily and weekly.

I added a BGZ chart for you bears out there with retracements, resistance and gaps. The blue falling wedge in the channel is interesting. When they break out it should be pretty i like the 50% retracement at gap resistance at 70 for my first target.

We have a new convergence point. I also copied the major blue channel line and moved it up. From the indicators and the intermediate channel in the 60m chart in the post below and the looks of the indicators and resistance lines here any move above the current price IMVHO only will offer a better short entry. I've been proposing a large inverted H&S pattern for the breakout from the bottom that is still forming and that is roughly a 100 point formation there if it plays out. A back test of the red falling wedge appears to be out of the question and a back test of the blue major channel appears to be the new back test target in that retracement zone (black box).

SPX 6 month channel

Everything here points to a turn south. I'll add more posts to try and verify this later. There is a possible inverted H&S on SPX 30m but the indicators say it won't play out. I like this channel a lot.

SRS looks pretty tasty

Falling wedge and indicators bottoming out. Don't buy just yet but soon. SDS in falling wedge as well, but might not be ready quite yet. As I go thru updating my charts, I'll post more this weekend.

VIX at gap support and bottom of dec triangle.

Indicators show still room to fall. At the gap support from Oct '08. Maybe this is what this run was all about.

Looks like we're headed south soon.

Just look at these indicators. They say overbought. That does not mean they can't stay that way. What I am seeing to confirm what the indicators are saying is a break in the upwards channels that I am seeing everywhere. It should be close. Still on vacation.

Almost forgot - Masters tees off today. That will be another added distraction!

GL this week.

The VIX decending triangle

This is clear as day to me. Folks I am on vacation and just throwing something out there, but this looks pretty significant and the pattern is ending soon. Question is which way will it break out? That will signal where we are in the count. If we are in 2.1 it goes up. If 3.1 it breaks down. There is room for a throw under fake out. I'll kook deeper into the VIX and what its got going on in the AM. Sorry for the lame post, but I'm going for another cocktail before heading out. GL today.

CPC and the SPXA50 Kiss OF Death

The way I see it is the CPC is now just living in overbought land. What excites me is the Kiss of death the SPXA50 threw down on Friday. Just take a peek at what's happened when the SPXA50 has kissed the 400 mark. I do not know if it will hold true, but I like the trend.

This is all I got for now.

This is all I got for now. 30m SPX chart with channel up and wedge causing what I believe is a rollover top. Indicators have neg divs. Looking at the retrace zone 760 t0 741 for the pullback and the gap fill at 770 (not pictured) and the test of the P1 trend line. I don't think it goes over 850. I have not looked at K and DE's or any other stuff yet to get a broad feel for what everyone is thinking. This move will have to be 2.1.2. I just think we're completing 1. or this will be a big C leg. I will note what I really don't like as a bear. The /ES had broken the 50% trendline and tested it (you can see the chart a few posts below. It appears nothing is stopping this upwards action at this time. GL this week.