Charts I’m Watching: Oct 14, 2014

As we expected, there was no political breakthrough over the weekend.  There is plenty of talk about negotiations going better, but still no deal.  The markets are taking it in stride, with SPX down only 9 points at present.

The charts are a bit of a mess today, as Friday’s close threw a wrench into both the channels and harmonics.  ES clearly broke out of the two most likely falling channels, and closed just shy of the .707 retrace of the 1726-1640 drop.  It was the sort of move that either signals a new direction, or will be written off as a rule-breaker.

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