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

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 show more up, but the VIX daily also closed up.  This divergence is often a precursor to trend change as VIX usually leads the markets very tightly.  Another POMO cut of $10B leveraged happens in a week.  USD is moving sharply higher and Euro is tanking nicely.  All three indicate a move down is very close.

Click on chart to enlarge S&P500 Daily Up Again On Volume We Didn’t Think Could Get Any Lower – Top Is Near

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 had it wrong this week.  We were expecting a roll over.  Instead we got low volume levitation – again.  These markets are nothing less that a farce.  The Fed said POMO is over – guessing the Fed has figured out they have wrecked the markets enough for one decade.  Technicals still show up – we need to see some follow through to the downside to confirm a short term trend change.  The records highs should be done for good (meaning for years).

Click on chart to enlarge S&P500 Daily Down A Whopping 4 Points – Biggest Down Move In 12 Days – Expect Downside 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.]

POMO may end sooner than October which means that bond purchases at low rates may slow – or in other words, we can expect higher bond coupon rates.  This translates to higher lending rates – not now, but soon.  With such a sharp move up over the last few days, we should expect a pullback of some kind.  Yellen speaks again on Friday.

Click on chart to enlarge S&P500 Daily Gets Close To Another All Time High – Volume Remains Low

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 were wrong again about markets rolling over today – the short squeeze continues (forcing short sellers to cover by driving the market up).  As shorts cover, more buying follows driving markets up even more.  Technicals show more upside tomorrow.  Bonds are selling off as longer term rates continue falling, but we believe the USD is key to follow – a stronger USD will push these markets down hard – see tonight’s USD summary.

Click on chart to enlarge S&P500 Daily Up Sharply On Muted Volume – Short Squeeze Continues To Drive Buying
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