Charts I’m Watching: May 29, 2014

I’m having intermittent technical issues today, so will not be posting intra-day.  The daily charts tell the story: a 1.618 Fib line just overhead at SPX 1920.63 and ES 1910.50.  The only issue…the markets have routinely ignored harmonics when it comes to limiting rallies (while choosing the most bullish Fibs to limit declines.) Note the veritable absence of Points B & C in the proposed Crab Pattern (in yellow.)  Today is the biggest POMO day of the month, and the end of the month is tomorrow (photo opp.)  So, don’t put too much stock in technical analysis, chart patterns, the contracting economy or crappy earnings.  Revel in the fact that Apple is paying $3 billion for some headphones.  In other words, trade safe and pay attention to what price action is telling you — no matter how contrived (yes, rigged) it obviously is.

2014-05-29-ES daily 0630

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