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.]

Most of today ticked down with little resistance.  There were no hourly “up bars” – often a sign that central banks are trying to slow, stall or reverse the move down.  I’ll spare the “central bank damage” update and close by saying that we should see more downside tomorrow.

Click on chart to enlarge S&P500 Hourly Rolls In An Orderly Move – Stalls At Support – More Downside Tomorrow Likely

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.]

Today’s fall was more becoming of a lousy global economy and deflating commodities – the market rolled and fell without disruptive central banks buying up over priced issues directly or indirectly for some undisclosed benefit.  We may see some buying come in at the open, but that should fade quickly – if we stay up tomorrow, we can say hello to central banks again.  2020 is showing up as support – we think that the market will plow right through this level and head lower.  1980 has some greater support.

Click on chart to enlarge S&P500 Finally Ends Up Trend After 35 Days – Central Banks Backing Off Bidding Markets Higher

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.]

Click on chart to enlarge S&P500 Hourly Falls Back To Support And Stalls – Expecting More Downside 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 are still in our up trend after 36 trading days – about two months – and today was our first sign of trend change.  Central banks must have taken the day off, but there’s still the share buyback programs driven by near zero interest corporate bonds (aka long term corporate debt).  We expect to see another down day tomorrow.  The rumor is that central banks won’t rescue markets on the next fall.  Regardless, we are due for a greater than 10 percent drop soon.

Click on chart to enlarge S&P500 Daily Pulls Back As Bollinger Starts Rolling – Another Down Day Tomorrow Likely

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.]

Central banks don’t require to make a profit, only control markets and so they buy anything that gets in the way of their agenda. But the internal damage is enormous, for the Dow in particular.  And to top it off, US government debt surpassed 18T this week.  We should see a pullback  next week that won’t be contained.

Click on chart to enlarge S&P500 Hourly Continues Sideways – Any Selling Is Met With Aggressive Central Bank Buying
Page 3 of 20612345...Last →