The key Abenomics trendline of two years is a battleground today.  Look how perfectly its acting as resistance after years of support.  Charts do matter.

Since the Stock Market hit its lows in March of 2009, every single dip, heading into this week, has been a fabulous buying opportunity for the $SPY.  Even more pronounced has been the dip buyers since the November 2012 introduction of Abenomics.   Until the middle of October, the Abenomics trendline remained firm with prices respecting it and promptly bouncing with each test of the trendline.  In October when prices fell below the Abenomics trendline - Abe got pissed and stocks mounted the V bottom price recovery that all other V bottom recoveries will be compared to in the years ahead.  

After yesterdays wild session, stock futures are deep in the red.  Could we see stocks mount a neck twisting, mind blowing, buy at all costs rally when the opening pavlovs dog bell is rung this morning?  It's possible.  I remain open to this oil collapse being  heck of a lot worse for stocks than anyone is letting on.  Everyone says how great lower fuel prices are for the consumer.... but no one has cared about the consumer since the March 2009 lows.

Here is what I am reading this morning: