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

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.]

Lots of barriers to 1840, but in a bear move, this may not matter.  We need to see a close below 1840 and by end of Tuesday or it’s more of the same to all time highs.  What will be worth watching is earnings season – the years of adjusting down and share buy backs has run it’s course – it’s put up or shut up and we think many organizations will miss badly.

Click on chart to enlarge S&P500 Hourly Closes Below Bull Channel Support – More Downside For Monday

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.]

This is a strong bearish sign with good volume behind it.  1840 is very key – if we close below this level, we should free fall to 1738.  We are still 25 points from this level, but in a bear market, a 25 point move can be easily achieved in a day.  Economic macros are a miserable joke at a global level.  Expect more downside right from the open on Monday.

Click on chart to enlarge S&P500 Daily Tanks – We Should Get Follow Through Early Next Week – Downside Ahead

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.]

Another topping indicator – a shooting star – very bearish in spite of another all time high near the open.  Bulls couldn’t hold and fell hard.  We need to get back to 1840 – we are still well above that – for a bearish case.  A return inside the bull channel would be a good start.

Click on chart to enlarge S&P500 Weekly Actually Finishes Up – Barely – Technicals Show Downside 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.]

There’s no question this market will eventually tank – the global economy is a mess and littered with grotesque amounts of debt.  Back to the charts – we are pulling away from the upper band – two scenarios – sideways or we roll over.  Sideways implies more upside.  For now, we expect to see sideways tomorrow.

Click on chart to enlarge S&P500 Hourly Limps Higher – Could See More Sideways Tomorrow
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