by Springheel Jack

The chart I posted on twitter after the close yesterday showed the 69% bearish rising wedge that has formed from the last low on the SPX 15min.

The W bottom broke up yesterday and is now at the usual point where these patterns can fail, which is just above the breakout level. If this bullish setup forming over the last few days is going to fail, this is the most likely place. If the rising wedge breaks up today, we will then have a triangle, W bottom and rising wedge pointing back above the current highs. At the least I would then expect to see a hit of the SPX daily upper bollinger band in the 1672 area and most likely a retest of the highs. SPX 15min chart:

All three patterns are also visible on the ES chart, with the double-bottom there being stronger and clearer negative divergence on the 60min RSI. The double-bottom breakout was retested overnight and held, that is main support today with secondary support at the 50 hour MA in the 1640 area, and some support below at the triangle breakout level in the 1630 area. If we see 1630 break with any confidence I'll be looking for a test of the June lows. ES 60min chart:

On the SPX daily chart the close yesterday was six points above the daily middle bollinger band at 1640, and if that holds today the next obvious target is the daily upper bollinger band at 1671. The weekly upper bollinger band is now at 1685. SPX daily chart:

by Chris Drose

Shares of the "Amazon of China" are up 108% in the last three months. This is a very interesting story.

First reaction, Chinese websites are rather, UM, cluttered. Lets go with cluttered. The stock is on absolute fire. Here's why.

Read the Rest of the Article at StockingAmazon

by Springheel Jack

It seems that Ben Bernanke's term as head at the Fed is coming to an end and that he will most likely be replaced in January 2014.

That brought to my mind Isaac Newton's famous comment that 'if I have seen further than others it is because I have stood on the shoulders of giants'. In defense of Ben Bernanke's record at the helm of the Fed, he was standing on the shoulders of his pygmy predecessor Alan Greenspan, and perhaps he would have seemed less of a pygmy himself had he not followed one of the least farsighted and most reckless Fed Chairman in history. We'll never know now, but I won't be celebrating Bernanke's retirement until we see who will succeed him. Looking at Bloomberg this morning Paul Volcker, Greenspan's predecessor and perhaps the only past Fed Chairman who would deserve to be described as a giant, does not seem to be on the current shortlist.

On to the markets. I posted an ES chart on twitter last night showing ES testing the trigger level on the possible double-bottom that I showed last week. The descending triangle that broke up yesterday obviously supports a break upwards, though the 60min RSI looks less encouraging, and I should mention that if ES reverses here back into the current retracement lows, then we would have a very nice looking rectangle bottom formed in June to date. Despite the name these patterns are actually 55% bearish and the target on a break downwards would be broken resistance at the 2000 top. Not much has changed overnight, so the chart below is the one I posted on twitter last night. ES 60min chart:

How strong is this resistance level? Pretty strong actually, as it is backed up by resistance at the daily middle bollinger bands which are being tested on multiple equity indices. SPX closed a point under the daily middle bollinger band last night. If we do see a break up the daily upper bollinger band is now at 1673 and the weekly upper bollinger band is currently at 1681. SPX daily chart:

by SharePlanner

After calling the long trade last week, I will be taking my profits soon from this trade. Since my trading style is to trade often by taking profits, I will be looking to collect my profits soon.

See the GOOG Chart at StockingGoogle

by Cliff Halvorsen

After a month of "correction" the /ES looks poised to spring forward again.  We're riding the declining resistance line with positive momentum looming after what appears to be a double-bottom on the 4-hr.  Even the Magic Odd Ball is heading for the green.  However, I don't like

...that negative divergence on the Thrust from the past three days.  A break above 1635-1640 should continue easy up to 1655, and maybe retest 1685 after that.  Otherwise, there's support at 1615, just above the double bottom of 1600.  The lower range could still be safe for base-building as long as it remains intact.  There was quite a shakeup today with the rumor-mill active, but met with the resilience of printed money to pull it back.

I suspect that we'll see which way this is going by open tomorrow...

Read the rest of the article at FuturesNation