Morning Post, SPX, S&P 500, e-mini

11:45 - Pretty 5m chart if you are a bear. 

11:40 - Minis channeling down and have cracked the 30 support level. 

11:20 - RUT is leading by just a wee bit.  

10:40 - SPX 10m Here is the wedge I am possibly looking at. Big black candle taking out the wedge support. We'll know if this move is for real and if there is a near term trend change if if 33 61.8% retrace is taken out. It is already a good thing that the 38% is gone. How bout that 10m MACD being below 0. that is better effort.  35 is a big number to me. That low goes then nothing to stop it till 25ish. that fits well with a 3rd wave count. Don;t forget POMO of course and the post 10:30 till 3:00 trading lull. She could just range out here. Or at 11:40 it backtests the wedge and upper resistance diagonal at 1138.9 and reverses from there.

10:15 - SPX 1m - OK, remember that diagonal that ran from the Oct '09 bottom across all the bottoms and tops that I showed the other day? Care to tell me exactly where price stopped on that pop this morning? Wedge support remains in play near 38. 

 SPX 30m - here you can see the play with that dashed black diagonal even better at the 30m level. That whole topping candle yesterday is almost out of the upper BB. The BB is also verry very narrow indicating impending volatility. Looks like a possible wedge is forming down here. All those red candles and the 30m hammer with the spike thru that resistance line is pretty bearish. All this action needs confirmation of course. Looking for the lower wedge support lines to crack sooner than later as price continues to consolidate in the upper wedge.

Gold chart - /YG gold futures - price consolidating in the wedge. my 1310 target is nearing.More gold charts can be found in my chartbook HERE.

8:20 - Minis now down 2.5. Something got to em around 3:00. Impressive 11 point tumble. Remains in the wedge for the most part (pink upper and lower diagonals). The sky blue lines are the VWAP and it's bands (what should dictate the range). The red are the bollinger bands. Yellow are S/R lines.

Minis up 5 after midnight.

I call this pattern the G4 as the GS folks and the rest of the banksters are most likely hopping on their planes headed to celebrate the possibility that the possibility of QEII actually happening has possibly been extended to November and will most likely lead the bulls to believe that there is possibly no reason for anyone to sell for possibly another two months. If something can possibly happen, that has proven to to have definitive effects on the markets. It can possibly be bad or good or indifferent. It does not matter. If it is possible then it is good. Welcome to the new reality.

Notice the distinguishable right and left wing and the fuselage in the middle. I honor of Barry, it is tilting to the left.