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.]

Heard something today – bullish technical analysis works well, but bearish technical analysis doesn`t work worth a damn.  Another way of saying technical analysis doesn`t work well at all these days.  Cycle brackets show more upside – other indicators show upside is fading fast.  We expect a pullback on Monday.

Click on chart to enlarge S&P500 Daily Continues Sideways And Overbought – Expect Pullback Early In The Week

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.]

Markets have been overbought for almost TWO YEARS as evidenced by the MACD.  We are closing in on six years of bull run with little correction along the way.  Corps are buying back their stock at or near all time highs and they have been doing this for years in exchange for near ZIRP bonds and higher EPS – for some reason we are bought in that this makes companies more valuable.  Media continues to pump recovery –  something that has never existed.  Volume is in the tank while we find more all time highs.  Global GDP forecasts are at multi year lows and markets are at all time highs.  The cash VIX (at 12.09) is about 15% above it`s all time low and the September VIX (expires on the 17th) is at 13.20 – discrepancies galore.  There`s big downside brewing.

Click on chart to enlarge S&P500 Weekly Up For Fifth Straight Week – How High Can Central Banks Drive This Market Up?

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.]

When buying continues (makes you wonder who the dim witted ones are who are buying at these all time highs), selling is getting stronger.  We’ve been sideways for over a week now.  While the open tried to drive higher, it didn’t take long to fail.  We should see selling take over as soon as tomorrow.

Click on chart to enlarge S&P500 Hourly Shows Indecision – Each Hour Of Sell Off Is Met With Buying

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.]

Although the cycle brackets indicate we are about to take off again, other technicals are rolling over and we should see a pullback.  Prices continue to pull away from the upper band – topping.  Volume has increased – volume usually increases on a breakout – clearly we are seeing the buying being met with selling.  Deflation is less subtle/more obvious in Europe now – more obvious like a pink elephant in the middle of your living room.

Click on chart to enlarge S&P500 Daily Down Marginally Again – Uptrend Finally Tiring – Technicals Topping

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.]

Speechless.  Enjoy the long weekend.

Click on chart to enlarge S&P500 Hourly Moves Below Near Vertical Channel And Turns Up – Again – More Upside For Tuesday
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