SP 500 and NDX Futures Daily Charts - Down to Support

Intraday the SP 500 futures dipped down to the intermediate trend support of 1320. They bounced back from there closing just above the key support at 1328.

This is sleep 'technical' market action, very typical of a listless summer trade dominated by algos playing catch with the market prices.

Our markets are all LIBOR rigged now.

Until something happens that is, and then they will move, perhaps with a vengance, depending on what it is that happens.

 

Gold Daily And Silver Weekly Charts

The action in the metals markets is markedly artificial. 

Other than that it is quite boring and unremarkable.

SP 500 and NDX Futures Daily Charts - Turning Japanese

The market churned within a trend today, with much of the same effect as the House Republicans who symbolically voted to repeal the Affordable Healthcare Act for the 33rd time.

This slow and predictable market action is starting to make Waiting for Godot look like Philip Glenister in Life on Mars. Gene Genie.

The Fed did not offer hopes for more quantitative easing in the release of its June notes, so the market dipped and then bounced back to a tighter close.

Intraday commentary and a short term chart here.

Shorter Term SP 500 Futures Daily Chart

This is a well known chart formation, the low volume, trend channel boogie-woogie. Was on, was off.

A self-absorbed up and down motion which I am sure is familiar to most of these traders. Turning Japanese.

The objective is to keep the market in a mild uptrend, which is necessary to lure the money in, while sweeping it back and forth, sometimes violently, to wring some coin out of the shorter term, and often skittish, speculators whose blood pressure falls and rises with every wiggle on the charts.

Let's see if we get a real move in these markets, or if we stay in a loose drift higher with a regular channel 'sweep.'

This is Wall Street, with the adults off in the Hamptons.