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.]

Generally, earnings seasons is a time where markets move much higher.  Not so this time.  RUT has also rolled over substantially.  We suspect a reversal in the other indexes will be upon us soon.

Click on chart to enlarge S&P500 Hourly Fails To Get Beyond Opening High – Nothing But Sideways Since Earnings Started

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 have mentioned the RUT as a blatant divergence to this and the other major indexes.  Divergences often occur at major tops/bottoms.  Much like March, the RUT should pull the other indexes down.  Hourly shows consolidation – should see move up early and then reversal.  “Adjusted Earnings” season is finishing it’s second week and the market remains flat.

Click on chart to enlarge S&P500 Daily Up Yet Again – But No All Time High Today – RUT Is Still Way 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.]

Dow and NASDAQ100 hit all time / 14 year highs today.  RUT and SPX not so.  RUT is in the tank, but central bankers know how to  fix this.  We expect more upside tomorrow early and pullback later in the day.  We are well entrenched in earnings season – the game remains the same for corporate – share buybacks and ZIRP bonds to finance these buybacks – all done so that central banks have a reported justification to buy anything that moves.  US debt is closing in on $18T – another of Obama’s many accomplishments.

Click on chart to enlarge S&P500 Daily Moves Up Again – Not Quite An All Time High – But Close

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.]

Click on chart to enlarge S&P500 Hourly Shows Consolidation – Another Push Up Early Tomorrow Is Likely

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.]

Click on chart to enlarge S&P500 Hourly Closes Below Channel Support – Finally – Expect Open Up – Close Lower