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.]

Europe was down between 2.5%-3.0% today.  US markets weren’t even close to this.  But cracks in central bank buying are showing.  Today’s candlestick is bearish in theory, but the long lower shadow indicates buying, but not enough to close positive.  Look for more downside tomorrow.

Click on chart to enlarge S&P500 Daily Tanks And Recovers Again – Technicals Remain Mixed – More Downside 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.]

Quite a remarkable afternoon.  Being able to hold a downturn of this magnitude from all time highs is one thing.  To reverse the market back up 12 points in 30 minute is incredible.  Nonetheless, we have a bearish MACD amongst all the other reversal indications – the hammer and its enormous lower shadow being the most obvious.  We expect to see markets start to roll over early next week in spite of the all time high set today – yet another.

Click on chart to enlarge S&P500 Hourly Sets Weekly Low And Recovers 12 Points In 30 Minutes – Downside Likely Early 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.]

Today’s high wave candle shows indecision and rightfully so – we closed up 120 points in February – at the end of a five year bull run – and the buyers may be getting nervous.  There isn’t much left that is inexpensive now, but if you insist on owning, keep your position small – now more than ever.  Technically this market shows bullish, but the hourly indicates some weakness in the upside.

Click on chart to enlarge S&P500 Daily Leaves Behind Another Long Upper Shadow – More Indecision Reigns

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.]

Aside from those who believe wars start at market tops (historically wars start near market bottoms), we saw the low of the week happen this afternoon when this market fell 20 points in 90 minutes (see hourly).  We have been over bought for two years now – and the buying continues.  Technicals are somewhat mixed, but largely bullish – up 120 points in February – truly remarkable.  As we saw today, when the market falls, it will go quickly.  Trade them small and make quick exits.

Click on chart to enlarge S&P500 Weekly Closes Up Yet Again As Russia Invades Ukraine – Expect Down Turn Next Week

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.]

The final candle indicates more upside, on an hourly basis, before we roll over.  If we look at the move up since early February, this trend up is getting tired and will either correct or make that long awaited and larger move down.

Click on chart to enlarge S&P500 Hourly Shows Another Bounce Before Roll Over