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 Bounce Of 24 Points In Final Hour Makes For An Odd Up Day

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 should expect large swings in both directions as the trend moves down.  It is unlikely that there are enough buyers out there to move these markets to all time highs – once again.  If we are in a downward trend, expect to see sharper moves lower starting as soon as tomorrow.

Click on chart to enlarge S&P500 Daily Bounces Up Sharply On Low Volume – Trend Remains Down

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.]

Aside from the technicals and the mood, there are plenty of lower shadows appearing followed by continued selling the following hour.  This is very bearish.  Buyers push up one hour and get crushed the next.  The central bankers and other financial institutions appear to be trying to game this market back up, but are failing this time around.

Click on chart to enlarge S&P500 Hourly Declines In A Nice Orderly Manner – More Downside To Follow Next Week

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.]

Not much in the way of support between here and 1740.  Earnings season will pick up next week – results won’t be good as falling GDP numbers don’t bode well for larger companies.  A close below channel support is our next key confirmation.

Click on chart to enlarge S&P500 Daily Remains In Parallel Channel – Move To 1740 Should Be Quick

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.]

Key support levels were broken – see daily.  We have returned back inside the bull channel.  Technicals are rolling over – again.  So we await follow through next week – and we expect it this time and into the 1700s.

Click on chart to enlarge S&P500 Weekly Tanks Over 2.6% – Long Overdue – Trend Down Should Continue
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