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.]

Speechless.  Enjoy the long weekend.

Click on chart to enlarge S&P500 Hourly Moves Below Near Vertical Channel And Turns Up – Again – More Upside 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.]

Fed injection and coordinated share buy backs by virtually all large public companies keep have kept these markets going higher.  Corps have traded low interest debt in exchange for buying their stocks at all time highs.  Fed’s 4.5T balance sheet isn’t enough – they will be adding more in September.  Resistance was broken, tested and we are now heading up again.  These markets are a complete joke.

Click on chart to enlarge S&P500 Daily Closes At All Time High – These Joke Markets Continue Their Vertical Ascent

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.]

Same POMO for September as for August – so much for tapering.  And since the US GDP is at 4.1%, Yellen believes more cash injection is required.  Makes no sense, but the Fed continues to be the never ending nuisance.  We are close to channel resistance.  Market volume is at record lows.  How much longer will this joke market last?  Not sure.  If you are in the market, keep small positions and exit quickly.  We are closing in on six years of up market with one significant pullback.  When the sell off happens, it will be ugly.

Click on chart to enlarge S&P500 Weekly Up Fourth Straight Week To Another All Time High – Global Economy Remains In The Tank

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 Continues In Consolidation – Expecting Another PUsh Up Tomorrow

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.]

Technicals are turning up, but volume is in the tank and price moves are miniscule.  We are either at the end of a small consolidation or we are topped.  We expect to see another push up tomorrow.  This rally may continue into Friday, but not much longer after that.  These markets continue to be a joke fueled by central banks pouring cash into the economy – and nothing else.  Good job Yellen – well, not really.

Click on chart to enlarge S&P500 Daily Shows Consolidation And Topping – May See Another Push Up Before Rolling Over
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