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 global economy continues to stumble along – from China’s missing collateral (commodities stored at port shipped out) to Japan’s overnight 10 year where exactly zero trades occurred.  POMO is flat for the rest of the week – should help markets slide.  Volume remains low.  Technicals starting to roll.  A close below 1900 is necessary before considering a reversal.

Click on chart to enlarge S&P500 Daily Shows First Sign Of Rolling Over – Expect More Downside Tomorrow

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.]

Channel resistance was broken but the pullback occurred quickly.  Daily chart shows upside.  Get ready for more all time highs tomorrow.

Click on chart to enlarge S&P500 Hourly Rolls Over And Then Gets The Magic Bounce Up – Again

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.]

Big pomo day tomorrow.  So never mind the economy, the Fed is buying.  Expect more push up.  The VIX continues to get pounded.  GDP for Q2 was adjusted to 2.1% recently (it was originally forecast at 4.7% last October.  We expected taper in June and that didn’t happen.  July could be the month. All technicals show up, but volume is flat – indicating this move has weak underpinnings.

Click on chart to enlarge S&P500 Daily Closes Up Again – Momentum Is Fading – Volume Is Flat

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.]

It is unclear if bankers will cease buying anytime soon.  When the do, this market should fall extremely fast.  Since mid April, this index has moved about 150 points – on a shrinking GDP and failing economy, but also while Fed printers were in operation.  MACD is starting to roll over – about all that indicates any downside.

Click on chart to enlarge S&P500 Hourly In Another Step Pattern Up – Close To Channel Resistance

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.]

It’s not the economy making this move up happen.  PMI’s and ISM’s all magically align just above 50, while GDP in Q1 was -1.1% – so macros say expansion and GDP says contraction.  Someone is lying.  Institutions are not getting buyers in like they have at other tops – so they push markets higher.  We have said this well back into 2013 – if you have to trade, trade small.  Otherwise stay out of the market.  Volumes this low at prices this high is very risky for bulls.

 

Click on chart to enlarge S&P500 Daily Effectively Up TWELVE Days Straight – Bear Punishment Continues