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.]

Remember the follow through day?  We got the price move, but we missed on volume.  The shooting star confirms this – not enough buying to hold us near the day’s highs.  We can still get a follow through day tomorrow or Thursday.  Big price move and bigger volume, but we think this won’t happen. Small POMO tomorrow, so we could get the Yellen bounce up to 11am, but after that, look for more downside.  A close below 1900 helps confirm change in trend.

Click on chart to enlarge S&P500 Daily Shows Shooting Star on Low Volume – Looks Like We Are Heading Down Soon

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 Bounces – May Push To 1943 Or 1955 Resistances Before Reversing

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 will be looking for a close up with higher volumes on Monday to confirm today’s move is a trend reversal.  Economically, the global economy continues to stall.  We suspect today’s move was the start of a short squeeze – we have mentioned many times to keep trades small and exit often – squeezes often force traders out of positions that are too large to manage.  When you are small, you can’t get hurt as easily.  Technicals are mixed.  Cycle brackets show down for the next week.  We are still looking for a close below 1900 to confirm this bear trend.

Click on chart to enlarge S&P500 Daily Up Sharply As Europe Closes Down Sharply – Monday Volume Will Be Key

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.]

Today’s move up made the markets green for the week.  We closed showing doji – a time of indecision and typically a stall before a continuation of direction – in this case down.  Europe closed down between 1.5% and 2%.  US markets will likely play catch up early in the week.

Click on chart to enlarge S&P500 Weekly Closes Flat – Trend Down Should Continue 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.]

Click on chart to enlarge S&P500 Hourly Swings Wild And Closes Flat – Expect “POMO Upside” Tomorrow
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