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.]

We are still in our up trend after 36 trading days - about two months - and today was our first sign of trend change.  Central banks must have taken the day off, but there's still the share buyback programs driven by near zero interest corporate bonds (aka long term corporate debt).  We expect to see another down day tomorrow.  The rumor is that central banks won't rescue markets on the next fall.  Regardless, we are due for a greater than 10 percent drop soon.

Click on chart to enlarge S&P500 Daily Pulls Back As Bollinger Starts Rolling – Another Down Day Tomorrow Likely

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.]

Central banks don't require to make a profit, only control markets and so they buy anything that gets in the way of their agenda. But the internal damage is enormous, for the Dow in particular.  And to top it off, US government debt surpassed 18T this week.  We should see a pullback  next week that won't be contained.

Click on chart to enlarge S&P500 Hourly Continues Sideways – Any Selling Is Met With Aggressive Central Bank Buying

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 know that when these markets roll, they won't be recovered.  Looks like it's year end window dressing time.  History can record another big year in the markets so historians can recall central banks' role in saving the world from economic disaster.  More likely, this will be the year that will be remembered as how destructive central banks had become to the global economy.  We are pulling away from the bollinger and the MACD looks pretty tired.  We are expecting a pullback next week.

Click on chart to enlarge S&P500 Daily Continues Sideways – Day 36 And Counting For This Trend – Are You Done Yet Yellen?

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.]

Prices are pulling away from the bollinger.  Volume is fading nicely.  The USD just made an eight year high.  Commodities are deflating.  Magically, today's US jobs reports showed promise with adjustments up in previous quarters.  This is just the type of euphoric news that we need to see a collapse.  We expect to see a pullback next week (said so many times it's getting sickening).  The divergences are endless and when we do roll, the move should wipe out the gains of the last month in a few days.  Cash VIX is 11.84 - December VIX at 13.55 expires next.  Central banks continue to run the markets - perhaps to give them a reason to get up in the morning.

Click on chart to enlarge S&P500 Weekly Up For Seventh Straight Week As Deflation Ramps Up

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.]

More economic reports came out today - it appears that many of them are just fabricated numbers.  The underlying question is how can Europe, the largest economy in the world be shrinking, yet the markets keep climbing (as they do in the US)?  The answer is the central bank buying - and the reason central banks buy is to keep markets up - central banks have no motive for profit and it shows.  The insanity continues.  Who wants to buy at all time highs?  Central banks do of course.

Click on chart to enlarge S&P500 Daily Up Again On Nothing But Fed Buying – Global Economy Is A Tanking Mess