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.]

Short weeks make for lower than usual volume and wild price moves.  Today’s message appears to be, don’t fight the Fed.  Watching the open was astounding and watching the fade was laughable.  And these are the markets we live with.  Look for a pull back next week – after 27 trading days caught in this uptrend, maybe it’s time.  Let’s see how Yellen feels on Monday, shall we?

Click on chart to enlarge S&P500 Hourly Spikes And Does An Order Central Banker Fade – Short Trading Week Coming

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.]

It’s worth mentioning again – three of the top 10 economies are in recession.  France’s CAC-40 was up 2.67% today and they are one of the three documented contractions.  Failure is the new success for France.  Just ask a central banker.

The textbook answer to today’s move is an exhaustion gap (found at the end of a trend).  Today’s long upper shadow shows selling and weakness.  It’s difficult to trust these markets for anything but up – 27 trading days without much of a breather.  Scalping is how we are making our profits these days.  Directional moves are far too risky.

Today, the USD was up, bonds were up, energies were up, precious metals were up and markets were up.  Everyone’s a winner today.  But the debt created to run this gong show will hurt for decades to come.

Click on chart to enlarge S&P500 Daily Gaps Up On Economic Contraction And Central Banking Pump – 27 Trading Days In This Trend And Counting

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.]

Three of the ten largest economies (Italy, France and Japan) are in recession and markets continue to record highs.  France’s CAC-40 was up 2.67% today.  Isn’t that fantastic?

Yellen and her entourage of international bankers continue to create debt that will likely be defaulted upon to continue expanding their balance sheets.  Some how according to Yellen, this creates stability.  Of course, the book value of the Fed’s balance is known – near $5T.  Wonder what the market value is?  Bet it’s a lot less, or will be very soon.

Volume is fading – again.  MACD is fading – again.  We are at channel resistance – again.  This is the fifth week up – arguably the sixth week.  Based on the size of move, we should see a pullback next week.  Will it happen?  Who knows?  Call Yellen.

Click on chart to enlarge S&P500 Weekly Up Another 1% As Central Banks Continue To Ride Markets 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.]

We should roll over tomorrow, but that may be too obvious for the Fed’s liking.  By Friday, we should be well on our way down.  This market has proven one thing over and over – when the Fed exits the markets, the market fall quickly.  Gathering almost $5T in assets is enough for now, would you agree Yellen?  And the market value on the Fed’s assets should make for an interesting report as markets fall and rates rise.  Many know it’s going to get ugly out there – the question of course is when.  One can only guess, but our sense here is that it will occur soon.

Click on chart to enlarge S&P500 Hourly Falls Early And Fails To Recover – The Fed Is Out Of The Game

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.]

Zerohedge pulled apart the Fed’s minutes – many thanks Tyler.  The encrypted message from the Fed was that there will be no bailout for markets next time.  The next time we tank, that’s it.  The market has to stand on its own and bounce back on its own.  Should be interesting times for those who continue to buy back their shares. The RUT closed red for the 2014 today.  The SPX, NDX and Dow are still well above where they started in January 2014, but were below this level October 14 – a few weeks ago.  The sell off could start as early as tomorrow (how many times has that been said?) and this time it appears that the Fed has finally got the heck out of the way.  Deflation should pick up momentum as the global economy continues to shrink – and the Fed knows they can’t do much about it.  The daily MACD shows way over bought.

Click on chart to enlarge S&P500 Daily Closes Flat As Yellen Skips The Speech – Message To Markets From Fed – No Bailout This Time
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