VIX & SPX....... (wow!!!!!, but there is still a lot of upside potential)

With all the push up that has taken place over the past 3 days, the indicators (daily, weekly, monthly) are still far from being overbought. This is an indication of strength. I really don't care about indicators being oversold or overbought, but I find this very interesting because the tension in the market is palpable, which would have caused the indicators to move fast into overbought territory with a small rise in the market.
I'm not at all comfortable with the upside but I will trade what the charts tell me to, not what I feel (bearish) or want (bullish). I don't care which way the market goes but want a Bull market for the sake of mankind. It will really make the world a better place. But I know the world economy will go into a recession or depression. Just the bitter truth. Get your house in order.

VIX-DAILY

SPX-MONTHLY (Too bad the wild month is finally over)

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

Point of correction

I expect the rise to continue tomorrow. Move above 1197 (not "1204") will lead to a big rise tomorrow to a High of 1216 (1215 - 1220)  (not the Close, because it will start pulling back at that point). A move above 1197 (not "1204") will also confirm higher prices to come that will likely take the SPX to about 1255 on (or by) December 13th.

Note: There is a setup in play which will lead to a big drop if it trades below 1284 which will take price down to 1170 tomorrow (or Thurday) - not likely to happen.

SPX - (BIG RISE VERY LIKELY TOMORROW - ABOUT 22 POINTS)

I expect the rise to continue tomorrow. Move above 1204 will lead to a big rise tomorrow to 1216 (1215 - 1220). The move above 1204 will also confirm higher prices to come that will likely take the SPX to about 1255 ON or by December 13th.

Note: There is a setup in play which will lead to a big drop if it trades below 1284 which will take price down to 1170 tomorrow (or Thurday) - not likely to happen.

SPX-DAILY

SPX-30MIN LONGER

SPX-30MIN SHORTER

SPX

SPX-DAILY LONGER TIMEFRAME

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX WEEKEND REVIEW

SPX-WEEKLY

SPX-DAILY LONGER TIMEFRAME

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX NOSEDIVE CONTINUES.... BUT LOOKS READY FOR A STRONG BOUNCE.

SPX-DAILY LONGER TIMEFRAME

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX - READY TO BOUNCE TO 1215 -1220

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX ......(Bulls in trouble)

What Supercommittee?!?!?!
It will be naive to be surprise that NO DEAL was reached by the not-so-Supercommittee. I don't think there will be a "WE HAVE A DEAL!" at the last minute of the last hour of the last day of the dateline this time around. What a joke. The biggest terrorist in USA is Congress. If you think Congress has the best interest of the American people, then you are JOKING. The only loyalty is to their party and getting someone to be president regardless of what happens to the country. The same crap will always happen regardless of who is voted in. The problem is not the individuals but the messed up system that allows for no independent thinkers but herd thinking. (Just my opinion. Whether you agree or disagree is not important. I don't even know what I'm talking about. So just go to the charts).

SPX-DAILY LONGER TIMEFRAME

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX WEEKEND REVIEW

SPX failed to confirm the breakout on Friday. Another failure on second attempt to confirm on Monday will once again put the Bears on the defense (they have control at the moment). I only allow 2 attempts to confirm before the setup is negated and reassessed.
SPX looks ready to bounce back to 1260. We are very likely to see a very strong bounce on Monday. Keep in mind that my opinion is not important, but what the charts say. So go with the setups (entries, targets and stop losses) on the charts.

SPX-WEEKLY

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX - (danger on the horizon)

SPX move below 1208 will confirm the breakdown and lead to more significant drop ahead.

SPX-DAILY LONGER TIMEFRAME (COMPRESSED)

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX

Though SPX is still in the Bullish Pennant formation, the internals are looking very weak (bearish). It's not over yet for the Bulls but things could change very fast. The Bulls are still in control but hanging by a thread. The Bears are looking very serious.

Note: After yesterday's action (and a few days before), the charts was pinching (half-diamond i.e symmetric triangle) and ready for a big move today. I unfairly was looking for the break higher (for today's trading) based on the big picture. So I totally ignored the downside (very bad thing to do). As a result I made an unfair post though my actual trading was different. The price action for the day showed clearly the drop as everything lined up perfectly after the break of the Rising Wedge with confirmation as seen on the 30MIN SHORTER TIMEFRAME chart.

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX - (look for a big rise tomorrow - breakout day).

Any move above today's high (1264.14)is an indication of further push up which I expect will take place.

SPX-DAILY

SPX-30MIN L0NGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX -- (charts look bullish for the rest of the week).

SPX in lalaland but strong run is going to take place likely starting tomorrow with a trade above 1255. Look for it to pick up speed to the upside when it moves above 1278. Gap open above 1255 tomorrow is a buy opportunity or a 30min bar close above 1255 with confirmation (for conservative traders). Aggressive traders can buy with any move above 1255. Tomorrow is looking like it is going to be big UP day with follow through on Wednesday. The week looks like it's going to be a very bullish one.

NOTE: Swingtrading a 30min chart is different from swingtrading a Daily or Weekly chart. The decision can only be made by the trader depending on how aggressive there want to be. The 30min chart requires more entries and exits. So if you use the Daily for trading, there are times whereby there will be tradeable swings on the 30min chart that means nothing to the Daily (like today). I try to trade every swing of the 30min chart but knowing exactly what the big picture (Daily) is saying.

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX WEEKEND REVIEW

The charts look very bullish in my opinion, but Bulls cannot be comfortable or complacent because it will take just one day of geopolitical event (which is going to take place) to cause serious damage and change completely the market dynamic due to panic selling. So if you are a bull, do not be heavily invested in the market, and take profits as often as possible. Risk only what you can afford to loose.

Bears/Perma-Bears need to trade what they see not what they want or hope for. They should not try to make the charts say what it's not saying by reading their minds into the charts, because the charts will make you see what you want to see.
They should also avoid analyzing geopolitical occurrences as technical predictions. It will likely lead to failure because rapid drops often lead to strong rise. A Bear/Perma-Bear should hope for a steady drop for that is the sign of strength. Very fast or slow moves are signs of weakness/reversal not continuation.

Swingtraders should play what the charts say and just hope they are in the right side of any geopolitical event. That is really all they can do. They should avoid being heavily invested in either direction but should risk more on bearish than bullish trades in case a geopolitical-induced selloff takes place. Also take profits often (especially profits from bullish trades).

GLD (gold)-DAILY

SPX-WEEKLY

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME