S&P500 Hourly -

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

What’s left to say other than the obvious fraud being dished out by central banks – going beyond their mission and rationalizing that it is within their mission to keep bidding stock indexes to fool the masses into believing the economy is fine.

Click on chart to enlarge S&P500 Hourly Very Squeezed – Central Banks Say Up – Reality Says Down – Expect Pullback Early Next Week

S&P500 Daily -

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

Somehow the markets stayed up in the face of downside in many other places.  Many thanks goes out to the central banks and their alliances in keeping this index up further distorting the reality that the global economy is a mess and getting worse.  We should see markets head lower early in the week as divergences go beyond extreme.

Click on chart to enlarge S&P500 Daily Closes Down A Smidge As RUT Falls 1.46%, VIX Rockets 10.5% And Oil Falls 10%

S&P500 Weekly -

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

It’s interesting to watch central banks torch the economic future and continue to blow billions to bid this market up – central banks along with pensions and other large financial institutions that need markets to stay up in order to not be insolvent.  Top 25 pensions in the US are underfunded to the tune of $2T.  And if markets tank, this underfunding will rocket even higher.  Six up weeks in a row.  Shrinking global economy.  Rocketing USD, Rising bond prices.  Tanking commodity prices.  And a MSM that spews nothing but euphoria in the face of disaster to convince masses that all is fine.  It is not fine.  A trend reversal is long overdue.  USD upside definitely helps the turn.

Click on chart to enlarge S&P500 Weekly Closes Flat Because Central Banks Couldn’t Make It Go Any Higher

S&P500 Hourly -

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

With no end in sight to market upside, economic macros continue to send mixed messages.  US GDP was adjusted up to 3.9% for Q3 – while the largest economy in the world – Europe – has a negative GDP.  China’s GDP is built almost entirely on credit – with empty cities and bankrupt state run companies to show for it.  Central banks continue to buy markets – you can watch it intraday – any pullback gets hammered higher.  Higher markets keep the pensions/ponzi’s alive – even though the top 25 US pensions have an unfunded liability of $2T.  When these markets tank, pensions are done.  Ask the pensioners in Detroit what it’s like to get 10 cents on the pensioned dollar.  The key to this market rolling over remains the USD – see our USD update for details.

Click on chart to enlarge S&P500 Hourly Moves Sideways On Fed Continuing To Set Market Direction – Day 30 And Counting

S&P500 Daily -

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

Central banks are buying up everything that moves with the idea that we are all being saved from something far worse.  So the Fed run by our friend Yellen, is buying markets to keep rates down and keep markets going up.  So while markets are up, bonds are up – gee that’s odd.  But buying bonds keeps yields/rates down.  And then there’s the USD which is now clearly becoming the safe have and that’s moving higher too.  Divergences galore aka a collision course. There’s a $2 spread between cash VIX and the December contract – the VIX is ready to move up again.  Or Yellen can spend a few billion and smackdown the VIX for another 30 days.  Today is day 30 in the trend – 30 trading days or about 1.5 months of auto pilot upside.  This biggest joke of all is Apple – the worlds biggest premium priced hardware company is worth a mere $700B in market cap.  I have to go now – time to go walk my unicorn.

Click on chart to enlarge S&P500 Daily Up Again – Day 30 – Fed Continues Buying For Direction Control – Profits Are Irrelevant
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