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.]

Channel support broken, MACD fading, bollinger has rolled over.  Let's see if Yellen can focus on bidding up oil and gasoline and give the indexes a rest for next week.

Click on chart to enlarge S&P500 Hourly Falls Sharply During Late Afternoon – More Downside For Monday

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.]

Volume has picked up as markets close lower, but barely.  The world knows that Yellen and the rest of the central banks are fraudulently driving the market higher - not sure where in Yellen's job description it says to buy shares of AAPL or AMZN for greater economic growth or stability.  The sleeping giant is the USD and it has rocketed with no reversed response from the market.  Some grade school math tells us that US based global corps will be negatively impacted by the rising USD - somehow this gets explained as a positive event.  And this should crush the indexes soon.  MACD rolling, cycle brackets showing down, pulling back from the bollinger - expect downside on Monday.

Click on chart to enlarge S&P500 Daily Gets Above Channel And Closes Back Inside – Downside For Monday Likely

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.]

As central banks continue to interfere, the best they can do is jack hammer markets higher.  The economy is flat and fading.  GDP growth in the US in 2014 was largely due to Obamacare - a government created system that is handcuffing the private sector.  After 7 years and counting, government remains a huge problem.  Expect a pullback next week - cycle brackets are being ignored, but they may not get ignored forever.   The key is the USD and as it continues move higher, markets will eventually fall hard.

Click on chart to enlarge S&P500 Weekly Closes Down Marginally – Technicals Show Downside Next Week

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 are getting closer to channel support each day.   Bollinger showing some roll, but we need more downside to get the average turned.  MACD is looking diverged - momentum weak - but we saw plenty of this back in November during the 36 day up trend.  Wait for a confirmation before getting short and do it small - for now.

Click on chart to enlarge S&P500 Hourly Has It’s Biggest Down Hour Since Feb 20 – Central Banks Continuing Bidding

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.]

Interesting news out of China - Cisco and Apple have been banned from state purchase lists - that's what we call bad news.  The problem is bad news like this hasn't stopped central banks from bidding markets higher.  Technically, after numerous topping signs, fading volume and 17 days in an up trend, we should be ready to roll.  We should see a move down tomorrow, but it really comes down to what the Yellenator orders in the morning.  Yellen's two days of chat were little more than "I got this covered boys, nothing to worry about" with a few bursts of "how about an audit?".

We do realize that we spend a lot of time talking about central banks.  Central bank manipulation even made it to a few business networks this week, CNBC for one.  But the subject was joked about and swept aside quickly - good job MSM - round up those bagholders.

Click on chart to enlarge S&P500 Daily Closes Flat – Another Topping Sign On Day 17 Of Up Trend
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