KI$$ up to stock market reality: fork in road, or stick a fork in it?

Maybe Apple's disappointment is a precursor to the fork - or juncture - facing the stock markets now, plus currencies and commodities. Below is a collection of big-picture charts, covering not only the $SPX and $NDX but also the euro, crude oil, the transports, Baltic Dry Index, and the McClellan Oscillator and Summation Index for the Nasdaq. Whew! I didn't add others (like the bullish percent charts for $SPX and $NDX, and $TRIN) since at some point it's more of the same. These indices have tested support earlier this month, and bounced hard into resistance. Now it'll be significant whether they can rise beyond whatever high we get by the end of this week; or if they'll just roll over and retest - even fail under - the lows of early October.

Frankly I'm very concerned that the markets may roll lower down. But remain alert either way. Raymond Merriman warned last weekend that something really big will happen soon, probably by the end of this month. Maybe it'll be positive and the markets will rise dramatically. Or maybe we'll see a scary trough during this time. While we do look for a "Santa rally" later this year, I just can't guarantee whether the markets will surprisingly blow upward past this resistance, or instead we might actually see a move that surprises to the downside.

KI$$ traders might consider either standing aside, or tightening stops, until the markets make plain which direction the surprise is taking, when it manifests soon. This is just Ariel here, and some of my charts are a bit rough at the edges, but the support-resistance "decision" should be apparent. Let's remain vigilant, folks - and happy market navigating!