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 Shows Nothing But Vertical Ascent – Reversal Should Come Tomorrow

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.]

These detached markets continue – Bank of America missed and all indexes closed up today.  Google and IBM missed after the close, so we can expect to see some downside at the open.  The US Fed, here to save the economy, is running head on into poorer and poorer results from corporate.  There is no growth, no housing recovery, no jobs – just a bunch of central bankers feeding cash to other bankers – it is getting very surreal.  So if we have a look at technicals, the move up over the last three days has been so violent that it’s hardly budged the moving average that was turned down because of tanking markets.  The next turn down will probably occur without much warning – and will probably occur tomorrow.

Click on chart to enlarge NASDAQ100 Daily Moves Up Sharply On Lower Volume – This Won’t Last Much Longer

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 Bounce Of 34 Points In Final Hour Makes For An Odd Up Day

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 should expect large swings in both directions as the trend moves down.  It is unlikely that there are enough buyers out there to move these markets to all time highs – once again.  If we are in a downward trend, expect to see sharper moves lower starting as soon as tomorrow.

Click on chart to enlarge NASDAQ100 Daily Bounces Up Sharply On Very Low Volume – Trend Remains Down

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.]

Aside from the technicals and the mood, there are plenty of lower shadows appearing followed by continued selling the following hour.  This is very bearish.  Buyers push up one hour and get crushed the next.  The central bankers and other financial institutions appear to be trying to game this market back up, but are failing this time around.

Click on chart to enlarge NASDAQ100 Hourly Declines In A Nice Orderly Manner – More Downside To Follow Next Week
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