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.]

Key support levels were broken – see daily.  We have returned back inside the bull channel.  Technicals are rolling over – again.  So we await follow through next week – and we expect it this time and into the 1700s.

Click on chart to enlarge S&P500 Weekly Tanks Over 2.6% – Long Overdue – Trend Down Should Continue

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.]

Another Chinese bond issuer went bankrupt this morning – just another sign of the detached price movements of these markets.  For those who think it’s HFT moving these markets, guess again – it’s Janet Yellen and the US Fed.  Another V-bottom.  The US Fed wants to keep these markets up regardless of how miserable the global economy is.  It appears that HFT was yet another orchestrated distraction by the media to draw the attention away from the destructive US Fed.

Click on chart to enlarge S&P500 Hourly Climbs Back To Bull Channel Support – More Upside Likely Tomorrow

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.]

1840 remains a key support level and we did break it, but we didn’t get a close.  So now we tolerate the Fed and another manufactured bounce up in these detached from reality markets.  Alcoa kicked off earnings season and missed on revenue, but moved almost 4% higher – detached.  Momentum (MACD) is fading – expect to see 1-2 more up days before we roll over again.

Click on chart to enlarge S&P500 Daily Rockets Back Over 1% – It’s Not HFT – It’s The FED – Upside Tomorrow

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 Continues Below Channel Support – Key 1840 Support Should Fall Tomorrow

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.]

There is little to indicate we will reverse.  Earnings season begins this week.  We should see a close below 1840 by this time tomorrow and we should move down sharply to near 1740 before it’s over.

Click on chart to enlarge S&P500 Daily Falls To Channel Support – And 1840 Support Remains Intact – More Downside Tomorrow
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