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.]

The rising USD has put downward pressure on most commodities, but the US indexes are still up.  This is just lag.  Indexes have been moving sideways (instead of lower) as the USD finds new near term highs.  MSM continues to pump the opposite which of course serves their agenda, but little else.  We pulled back as forecast, but not by much.  We should see more pull back tomorrow – higher volume with little upside – roll over pending.

Click on chart to enlarge S&P500 Daily Down Marginally As USD Continues To Rocket Higher

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.]

V-bottoms galore – little or no warning to the bears.  Central banks continue to find purpose in jack-hammering markets higher.  The thinking is that markets are an indication of social mood, so if markets are driven higher, social mood stays up – good for politicians trying to get re-elected.  This has gotten so absurd now that government economic reports are questioned for accuracy and integrity on a regular basis.  Expect a pullback on Monday.

Click on chart to enlarge S&P500 Hourly Shows Market`s Reponse To Any Move Down – Buyer`s Roar Back With A Vengeane

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.]

Heard something today – bullish technical analysis works well, but bearish technical analysis doesn`t work worth a damn.  Another way of saying technical analysis doesn`t work well at all these days.  Cycle brackets show more upside – other indicators show upside is fading fast.  We expect a pullback on Monday.

Click on chart to enlarge S&P500 Daily Continues Sideways And Overbought – Expect Pullback Early In The Week

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.]

Markets have been overbought for almost TWO YEARS as evidenced by the MACD.  We are closing in on six years of bull run with little correction along the way.  Corps are buying back their stock at or near all time highs and they have been doing this for years in exchange for near ZIRP bonds and higher EPS – for some reason we are bought in that this makes companies more valuable.  Media continues to pump recovery –  something that has never existed.  Volume is in the tank while we find more all time highs.  Global GDP forecasts are at multi year lows and markets are at all time highs.  The cash VIX (at 12.09) is about 15% above it`s all time low and the September VIX (expires on the 17th) is at 13.20 – discrepancies galore.  There`s big downside brewing.

Click on chart to enlarge S&P500 Weekly Up For Fifth Straight Week – How High Can Central Banks Drive This Market Up?

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.]

When buying continues (makes you wonder who the dim witted ones are who are buying at these all time highs), selling is getting stronger.  We’ve been sideways for over a week now.  While the open tried to drive higher, it didn’t take long to fail.  We should see selling take over as soon as tomorrow.

Click on chart to enlarge S&P500 Hourly Shows Indecision – Each Hour Of Sell Off Is Met With Buying