October 13, 2010

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

12:25 - 60m SPX - I'm thinking blow off top similar to the one on 9/21 but worse. Possible head forming here. 40 points targets 1010. If this is not some super ramp of course to eliminate all shorts from the market. It may become apparent that the "No One Can Sell" mandate is in place.

NOTE - If you are into comparing things look at the Sept '09 thru Jan 10 run to that top and compare it to this one.


11:21 - 30m index comparison chart - not much to compare. 

10:05 - SPX 60m - I can't move or stretch the wedge any farther. That is it.  The only hope the bulls have is (highly unprobable and rarely ever seen) to spike the upper resistance line and to reset the C touch of the A-E wedge at this point. We already lowered the D touch to extend the wedge once (from the once apparent 1150 top area). That could happen again as well. Bottom line is I am now pretty much sold (against my better judgment) that we're finally topping. Why do I say against my better judgment? Cause this sucker is rigged and it makes no sense what is happening.

Chart to come - blogger is having issues.

Minis 30m - 

Minis 4hr - The wedge
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