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.]

Click on chart to enlarge S&P500 Daily Closes Down Sharp – Should Break 1990 and 1970 Supports Within A Week Or Sooner

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.]

Thank goodness we have Yellen to bid this market up when corporations continue to report crap despite their endless share buy backs.  Heaven forbid this market should fall.  Sentiment (not show) is falling and has since last Thursday.  So the Fed has chosen to narrow it's bid on losers, which are actually winners. Get it?

Pardon the commentary, but today was indicative of the last six years of nuisance government control of the markets - Obama appoints Yellen and Yellen keeps the market up to fool the masses that the economy is great.  The market opens down and then gets pounded higher on nothingness - this is what big government does.  The cost is billions per day.

We suspect that Obama will get smacked down very soon by Congress.  At this point, Yellen will get the call from Obama to stop bidding the market.  Obama will then blame the market down move on Republicans - like children in the school yard.  The MSM will lap up this rubbish as they always do.

Call today's commentary "speculation beyond technical analysis", but today's sharp fall and reversal is the foot print of Yellen and her balance sheet is starting to squeal.

Click on chart to enlarge S&P500 Daily Up Marginally On Central Bank Push – Earnings Season Remains Pitiful

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.]

Even the MSM is picking up on central bankers actively buying markets.  Commodities continue to fall (CRB down 3.4% and CCI down 2.2%), but big government who appoints central bank heads continues to blow billions per day to game markets up - a fight against deflation that big government and central banks are going to lose badly. The bollinger moving average continues lower (trend = friend), but MACD remains up.  Wild swings have made it difficult to choose a direction, but the most compelling event this month is the end of HFTs on the NYSE (ICE owned).  Since January 14, daily moves up have been much smaller, pullbacks are more apparent and we remain well below all time highs - who knows - maybe technical analysis may prove useful once again.

Click on chart to enlarge S&P500 Daily Reverses Abruptly To Channel Support – Need Close Below 1990 and 1970

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.]

Central banks continue to push markets higher to convince the herd that all is great.  Draghi (the ECB guy) said something today (who cares what it was), but the facts are that Draghi can't move without Merkel's (Germany) agreement and Merkel won't agree to QE paid for by German taxpayers.  So the MSM continues to pump stories during US trading hours (how convenient Draghi's blather was) - a signal to central banks to hit the buy switch, but without the HFTs running to leap the market higher, Yellen is failing again.  To sum it up, politicians are controlling central bankers (they appoint the heads) and are using markets to fool the masses that big government is the way.  The reality is that big government is a cancer on all societies and it's what got us into this mess.

Click on chart to enlarge S&P500 Daily Up Again – But Without HFTs Yellen Can’t Move The Market 2% Anymore

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.]

1970 is key support - we need to see a close below here as a start to confirming a lower trend.  No more HFT nonsense - a method to leap markets up in the face of a decline - as ICE banned HFTs as of January 14.  We expect to see more downside early next week - we don't think today's move will be the making of another one of Yellen's V-bottom stunts.  Once we clear 1970, 1820 is not far behind.

Click on chart to enlarge S&P500 Daily Bounces Up From Support – No HFTs So No V-Bottom Expected – Looking For More Down Next Week
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