S&P500 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 S&P500 Hourly Falls Early And Recovers – Trend Shows Down – No POMO For Tuesday

S&P500 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.]

Click on chart to enlarge S&P500 Daily Shows Uncertainty – No POMO Tomorrow – Expecting Downside

S&P500 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 S&P500 Hourly Reverses Trend – Need Close Below 1950 To Confirm Downside

S&P500 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 S&P500 Daily Falls – Shows Abandoned Baby For Candlestick Fans – More Downside For Next Week

S&P500 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 S&P500 Weekly Closes Flat – Weak POMO Next Week – 10B POMO Cut For August
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