S&P500 Daily -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

And this is what central bankers do.  They can ramp the markets but they can't hold them anymore - markets jumped and collapsed in the final hour of trade today.  Why?  Because no more technological advantage exists for the Fed to pin the market or leap the market up with conviction as it sells off.  In short, the Fed can't cheat using HFTs anymore. Today showed no sign of follow through from yesterday's move - in fact today's doji (candle) is another sign of indecision / topping.  MACD remains up, but momentum could not carry to the upper bollinger band.  Expect weak up tomorrow at best.

Click on chart to enlarge S&P500 Daily Closes Flat As VIX Closes Up – No Wait VIX Closes Down On Yellen Jack-Hammering In Final Minute Of Trade

S&P500 Hourly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Techicals do show bearish, but with Europe down between 1% and 2% depending on the index, the US did surprisingly we. Our concern is that we spend tomorrow bouncing despite the fact that the global economy is contracting and government data remains biased toward growth regardless of reality (if you think I am saying government data is a pack of lies, you're right).  We should stay below 2070 resistance.

Click on chart to enlarge S&P500 Hourly Has Muted Fall – Expecting Weak Bounce Tomorrow

S&P500 Daily -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

We were expecting a stronger down move today.  The upside may not be done yet, but this should be the last bounce.  Central banks continue to halt big downside moves, but because they no longer have HFTs at their disposal, central banks can't drive this over valued much higher.  Expect a low volume weak bounce tomorrow. It would be interesting to see what a Fed audit would surface, but we suspect that will never happen.

Click on chart to enlarge S&P500 Daily Falls Marginally As Europe Falls Over 1% – Could See Bounce Tomorrow Before We Roll

S&P500 Hourly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

If nothing else, today's market shows that the Fed can move the market, but not like it used to when HFTs were doing the Fed's bidding.  MACD is rolling over nicely - expecting fall on Monday.

Click on chart to enlarge S&P500 Hourly Rolls After Fake Jobs Report Bounce – Notice The Bounce In The Final Hour – Fed Bid Misses To Close Market Green

S&P500 Daily -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

This is the fifth day of this up trend.  So much for that NFP jobs report and the MSM spin that "everything is fine" as we managed to close lower.  MACD shows upside momentum is very weak, but it has managed to turn up after this five day bounce.  We did break above channel resistance, but we are of the opinion, at this time, that all time highs are done and that we should head sharply lower next week, even with the Fed continuously bidding this market higher.  Incidentally, the Fed has reported a balance sheet of near an unaudited $4.2T, up from $600B in 2009 - we believe this to be another Fed fraud and that this amount is closer to $8T.  Notice how the US President is blocking a Congress backed Fed audit?

Click on chart to enlarge S&P500 Daily Pulls Back Again – Fails To Close Above Resistance – Expecting Move Lower On Monday