NASDAQ100 Hourly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Click on chart to enlarge NASDAQ100 Hourly Reverses Trend – Need Close Below 3840 To Confirm Downside

NASDAQ100 Daily -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

We expected a pullback for late this week.  We expect more of the same, not because of earnings, not because of the economy, not because of future potential, but because Fed interference in the markets is declining.

Click on chart to enlarge NASDAQ100 Daily Falls – Shows Abandoned Baby For Candlestick Fans – More Downside For Next Week

NASDAQ100 Weekly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

There are two concerns that will keep markets up – POMO (being cut from $35B to $25B for August) and REPO – the Fed is running out of collateral, namely bonds.  The Fed’s cry for bondholders continues, but is being largely ignored.  Not much technical analysis here – assessing government interference is the new tech analysis – for now.  That being said, chart technicals are starting to flatten.  We expect a larger pullback starting Monday.  As well, we expect the July 30 US Q2 GDP to be negative despite positive forecasts (much like the positive forecasts for Q1) and this may accelerate markets into a long awaited and substantial pullback – yes, you can say crash if you want.

Click on chart to enlarge NASDAQ100 Weekly Closes Up – Weak POMO Next Week – 10B POMO Cut For August

NASDAQ100 Hourly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Should see bounce off channel resistance and a turn down.  Technicals topping.

Click on chart to enlarge NASDAQ100 Hourly Consolidating – One More Push Up – Again

NASDAQ100 Daily -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

We’ve been in a sideways-up market for most of July.  Today was big POMO – tomorrow is same and then that’s it for the month – a few small POMO days.  The US economy should shrink again in Q2 and POMO falls another $10B in August – so we should see markets pull back late this week and into next week.  Zerohedge has numerous articles about reported defaults and divergences and the financial media (MSM) continues to lie about “the recovery” which does not exist.  Technically we are still losing momentum on higher moves.  We need to get below 3920 to start to confirm downtrend.

Click on chart to enlarge NASDAQ100 Daily The Only One Up Huge – Big POMO Tomorrow – Negative Q2GDP Reported Next Week
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