S&P500 Daily -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

The USD appears to have resumed its uptrend.  The  "10 and 2" bond yield spread looks ready to rise (not shown) and markets continue to push higher.  Ignore what Yellen says about rates.  The Fed does not set rates.  The Fed follows the 3 Month T-Bill.  Share buyback season ramps up next week - expect some wild swings.  Europe's economy is in the tank.  Asia is off the rails.  The US economy will likely report negative GDP for Q1.  And markets continue move to all time highs - here, in Europe and in Asia - and the gong show continues.

Click on chart to enlarge S&P500 Daily Up Again – More All Time Highs Coming Next Week On The Back Of USD Par

S&P500 Weekly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

We have included lines indicating a wedge pattern (ending diagonal for the elliott wavers).  This is significant.  We expect a sharper move up followed by a sharp reversal.  We could also truncate.  We suggest you follow this pattern on the daily.  We are calling for another push up next week and then reversal, perhaps closer to the end of the week.

Click on chart to enlarge S&P500 Weekly Surprises And Closes Up – Earnings / Share Buyback Season Is Underway

S&P500 Hourly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Could see a pullback tomorrow, but it may not last.  If you find yourself second guessing these markets and their direction, join the club.

Click on chart to enlarge S&P500 Hourly Consolidating – Trend Is Flat – MACD Momentum Fading

S&P500 Daily -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Earnings season kicked off with Alcoa getting a passing on accounting gimmicks - what else is new.  When the Fed has your back, missing targets is bullish so long as you can fabricate well. MACD momentum is stalled, but we could be in for a push up.  Let's be clear about one thing - global markets are riding a high because central banks are buying up their own stock markets with debt.  Beyond ridiculous - bizarre is the new normal out there. Surreal is another good term.

Click on chart to enlarge S&P500 Daily Remains Stalled At Channel Support – Trend Basing And Starting To Turn Up

S&P500 Hourly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Similar move on March 23 - nothing but up and then the fail in the final hour.  Markets remain "stupid" and continue to get bid as the global economy continues to fail.  Even Business Insider (part of the MSM) is getting in on the whale sized divergences.  Should see flat open and a fade as the day progresses.

Click on chart to enlarge S&P500 Hourly Does The Fed Climb Again – Fails In Final Hour Of Trade