12:25 UPDATE - Minis 1hr chart. 200ma and 1081 support look great here (as a first target. there is still room to run up. check out the blow off top (busting divergence) on the RSI.
11:21 UPDATE - updated 30m SPX chart - I really have to go with this being a ST blow off top. Pay attention to that apex point of the black triangle.RSI14 finally topped and is nearing the red market top line.
OK - Confusion still reigns, but these divergences are getting out of hand. Triangles, wedges, ABC counts and of course rigged markets all add up to a bunch of nothing. There is no clear path right now. Sorry bout that, but that is the way it is. I could pull one chart and say up and another and say topping. Overbought is not a given, but then again could it be? You know what I think, but that does not matter in this game. We have learned to follow the hot hand and that is what I think we need to heed till more clear turn signals are in place. Was that a legit breakout last week? Taking out the upper resistance line on a big green candle might be something we should pay attention to. But what about the divergences on the ST charts? Hell if I know? My 30m indicators are saying blow off top here. I can make a great case for either an ending wedge or a throwover is in place right now and we're gonna get crushed soon (which I like), but for some reason I can't buy it right now cause the daily and weekly charts are still climbing (and earnings fraud and manipulation are rampant). My 1111 target is right around the corner. Anything above that and I'll start freaking out and looking for a double top possibly above 1200. I did have a 1140 target at one time. We just have to digest and be patient. the stress test fraud and a few other actions are masking the truth. Sadly we'll all get abused in grand fashion sooner than later. We just have to be ready when it happens. I'll get it right, it will show it's hand and we'll kick it's ass.
Let me see the minis in the morning and we'll go from there (up 2.5 at 11:15).
GL!
