ES Update

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The headline story on Drudge last night perfectly describes the the current index situation.  The accompanying picture made me laugh out loud, though.  That Monopoly Money image pretty much sums it all up since 2009 …don’t you think?

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The headline above links to the following article on CNBC:  http://www.cnbc.com/2016/08/11/us-markets.html

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Here is a quote from within that linked article…

Macy’s reported fiscal-second quarter earnings and revenue that were above estimates, sending the stock surging 17.09 percent. The department store giant also said it [will] close 100 locations.

“I think the good news from Macy’s is they’re closing 100 stores,” said Maris Ogg, president at Tower Bridge Advisors. “It’s a necessary step.”

“When McDonald’s began to turn things around, they realized they needed to stop opening stores” and reduce their square footage, Ogg said. “We need to see more of the same thing.”

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Wow, just wow!

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Screen Shot 2016-08-12 at 2.14.26 PM

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The weekly roadmap chart shows the current ‘Big Picture’ situation.  We got the latest stop sweep/reversal buy signal at point number 8 on the chart above.  That was pointed out right here in real time.  That is perfect entry number 6 out of 8 setups since 2009.  Only at points 2 and 6 did we get a break below a last higher 4 bar weekly pivot low that was not immediately bought.  We will know when the market-rigging paradigm finally ends when we eventually see a break below a last higher pivot low that is unable to recover back above that line.  Right now, that ‘line in the sand’ is set way down at 1981.50 after the most recent stop sweep/reversal buy signal at 2013 (see the last light green line on the chart above).

There is no historical resistance above–so this market can drift higher until eventual exhaustion brings on a correction.  After each previous buy signal there eventually came a hook correction which dipped low enough to move the last pivot low higher (see green dots on chart above) before price moved higher again.  What we are interested in from the perspective of this chart are those green dots–and the latest one now lives at 1981.50.  In order to build a higher pivot low, the pros will need to eventually take out the stops under the four preceding bars, at a minimum.  That correction is what could eventually come next–but only after exhaustion of the current squeeze.

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<rant/>

I don’t know about the rest of you–but I have long since reached my personal level of exhaustion with this worst administration (by far) in US history.  This market, like virtually everything else about these folks is an illusion and a lie financed by ‘monopoly money’ –just as Drudge so cleverly suggested in his headline at the top of this page.  The Obama administration, with the willing and exuberant assistance of both Democrat and Republican-controlled Congresses (the Uniparty) has managed to now go seven consecutive years without a formal budget–instead, effectively respending the same ‘one-time’ 1 trillion dollar ARRA stimulus over and over each year because of baseline budgeting nonsense.  The lapdog state-controlled US media desperately wants more of the same –as is being demonstrated with the current almost surreal and very obviously biased political coverage.  In a rant post here long ago, I pointed out how to cleverly figure out who (in my opinion) is really behind all of this…

TIP:  If you want to know who controls any town, state, government, or the world–just look at who owns the tallest buildings.  That simple–yet astute observation has held true throughout all of history.

Take a look at the tallest current and proposed buildings in the world at this very interesting link:  http://skyscrapercenter.com/buildings?list=tallest100-future

Unless something radically changes, the best America can do in the coming world order is just one solitary building in the top 25 …way down at #23.

Now just 87 days until the election  –trade accordingly folks and stay vigilant.

</rant>

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Screen Shot 2016-08-12 at 2.36.01 PM

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Screen Shot 2016-08-12 at 2.57.18 PM

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As this excruciatingly-dull trading week draws to a close we see that the short-term primary trend line has now moved up to 2141.50.  Nothing changes from a technical trending perspective until/unless that lines gets taken out to the downside.  A move under that line would be a short-term counter-trend sell.  They are trying to bore you into disinterest–so my advice is to keep a close eye on Stops and Targets over the coming days and weeks as this low-volatility strangle eventually is broken.  It’s coming…as sure as night follows day.

As for spotters–now that all indexes are near highs we finally have the basic setup in place that could potentially yield unanimous spotter signals across the indexes, which in an ideal world is what I would like to see along with huge numbers of spotters in the Russell 3000 for verification to tip off a tradable top.  So far, there is technically nothing bearish at all about this market above 2141.50 –as we keep pushing those protective sell stops higher behind the trend to see where the pros will go from the latest major buy.

…my .02

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Have a great weekend everyone!

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