The collision of global markets and social mood

Friday, August 8, 2014

The Hard Stop Against The Final Countdown

The falling wedge won. And I don't think it's over.

Yesterday on Stocktwits/Twitter I thought I'd feel better if the S&P got above 1917.90. This morning I'd much prefer 1928.89.

Even with futures up nicely it still appears as if Sunday's full moon will tug the trend into this afternoon or possibly even the close. 1897.25 is the hard stop for the way I'm viewing the current pattern.

Best scenario today would be a bounce into 1920 or so then another drip drip into 1900 or just below (for kicks) into the close to complete the final count & give everyone a lot to stew about over the weekend with all the geopolitical nonsense going on.

What would negate the count to the upside? I rally above 1928.89 without a new low.

Today I leave early and I wish I could keep at it, but where I'm going there is not even mobile phone coverage. Good luck to me and you.

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