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.]

These detached markets continue – Bank of America missed and all indexes closed up today.  Google and IBM missed after the close, so we can expect to see some downside at the open.  The US Fed, here to save the economy, is running head on into poorer and poorer results from corporate.  There is no growth, no housing recovery, no jobs – just a bunch of central bankers feeding cash to other bankers – it is getting very surreal.  So if we have a look at technicals, the move up over the last three days has been so violent that it’s hardly budged the moving average that was turned down because of tanking markets.  The next turn down will probably occur without much warning – and will probably occur tomorrow.

Click on chart to enlarge S&P500 Daily Moves Up Sharply On Lower Volume – This Won’t Last Much Longer

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 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 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.]

1840 remains a key support level and we did break it, but we didn’t get a close.  So now we tolerate the Fed and another manufactured bounce up in these detached from reality markets.  Alcoa kicked off earnings season and missed on revenue, but moved almost 4% higher – detached.  Momentum (MACD) is fading – expect to see 1-2 more up days before we roll over again.

Click on chart to enlarge S&P500 Daily Rockets Back Over 1% – It’s Not HFT – It’s The FED – Upside 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.]

There is little to indicate we will reverse.  Earnings season begins this week.  We should see a close below 1840 by this time tomorrow and we should move down sharply to near 1740 before it’s over.

Click on chart to enlarge S&P500 Daily Falls To Channel Support – And 1840 Support Remains Intact – More Downside Tomorrow
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