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 On Huge Bearish Engulfing And Long Upper Shadow – Should Move Markets Lower Tomorrow

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 were wrong about a pullback early in the week.  Could see move lower into the end of this week.  During Yellen’s ramble, markets moved to extremes, but settled near the open.  Yellen said no more POMO by October 31 and a cut to $15B for next month.  REPO is live and well and will be used by the Fed when they deem it necessary – usually the end of the quarter – the last card to play for the Fed, for now.  The key today was the rocket up move in the USD and the rise in yields, notably the 10 year.  A rising USD continues to put downward pressure on markets.

Click on chart to enlarge S&P500 Daily Finishes Wild Ride Day Showing Indecision – Could See Move Down 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.]

Remarkable – no give in the hourly.  One down bar is followed by another up bar.  Move up for the next day (or two).

Click on chart to enlarge S&P500 Hourly Buyers Pushing Up Hard – Expect Move Up Tomorrow

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.]

Click on chart to enlarge S&P500 Daily Down Marginally As We Prepare For Another Bounce Up – That Won’t Last Long

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.]

We may break to channel resistance or above before we roll over for a large scale move down.

Click on chart to enlarge S&P500 Hourly Continues Inside Bear Channel Despite Final Hour Bounce