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

/NG - a la Denninger's triple whammy increasing TL theory. Time to exit. Let's see what inventory report says at 10:30 tomorrow. Maybe something leaked. Maybe they cut production by another 50% (from the already reduced 50%) to get prices right. Pretty soon the most abundant energy resource will have a false shortage and create a buying panic. LOL. No corporate demand now and none coming. 3 of last 4 years if you bought /NG on 09/01 you won nicely. This year is lagging that trend horrifically.

SPX 60m - Watch for the black TL to crack on RSI14 or any other indicators to indicate trend change. Not sure if it will be large or small move. One more lower low would set up a really fine buying opp.

Hmmmm v2 - Dig that breakdown/PPT immediate support job. Dollar fell hard at that point as well. Possible B wave or it is rolling over. The longer it consolidates here the weaker the indicators get. 

Hmmmm

SPX Update - double fib confluence, gap resistance and price resistance at 94.Backtesting the channel support diagonal here. Might pull off for a B then up for a C before further weakness. Note that any move above the 96 area and the bear run may be dead.

From the close the futures had a steady climb to 80 and then about 1am they had an abrupt fall to 73. they then showed some real resilience and climbed to 81, fell back to 75 and here we are now at 78 up 3. That must have been an interesting night.

What is the market going to do today? Do we have ANOTHER red POMO day? Well, I am a bit clueless right now. Dailys diving down, yet, oversold, 6o bottoming and 3o and 15m pushing up. Will they further embed or do they allow a corrective? Pretty much nailed my 77 target but did not get there the way I thought we would. We're missing a bigger corrective off 83. So I am in a position where I have to follow the markets lead today. Up to the double fib confluence or upper diagonal near 94 OR it slides down the lower diagonal to one of several stopping points. I have had a third and final target of the 50dma and Lower BB conjunction near 63 as a fail safe if 77 went awry. The you have the two 38% fibs at 55 and 44 then the 200dma and support at 30. I do think there is more near term downside to come, but that is not guaranteed.

SPX 15m - The cleanest chart I got.Black diagonal was wedge support off 1040. Looks oversold with some slight buy divergences to me. I assume that support diagonal is the one. I cant see anything else to draw. The channel is gone. One thing to note is that if that support diagonal stays in play, the slope vs any rise in price will require another dramatic fall to hit it again. Just something to think about.