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

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 are into the heart of another earnings season next week.  Typically markets go up during this period.  Share buybacks are still occurring. But we have been over bought for a long time and we are starting to roll over.  Forward looking markets see what’s coming – more contraction and less POMO.   Expect a down Monday to start the week.

Click on chart to enlarge S&P500 Daily Shows Double Hammer Bottom With Pathetic Volume – Expect More Pullback On Monday

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.]

Technicals are rolling over.  POMO is declining (US Debt almost $18T).  Banks in Europe are showing signs of failing again.  All bearish.  Aside from endless central bank interference, we expect markets to move down again next week.

Click on chart to enlarge S&P500 Weekly Falls About 1% And Way From Channel Resistance – More Downside Likely For 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 government distortion of data and the MSM spin continues.  Only the government could spin a loss of over 500,000 full time jobs as a success – you see because 800,000 part time jobs were created.  Little POMO tomorrow and none on Friday – let’s see if government buying up all equities on any drop will stop – we suspect not.

Click on chart to enlarge S&P500 Hourly Reverses And Hammers Up Toward More All Time Highs