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.]

Brute force is all that central banks (Yellen) have left as they buy anything that moves down.  Revenues and earnings are flat at best across the board, but politicians continue to order central banks to pump this beast higher.  Accounting trickery also helps the MSM to pump the euphoria.  We should see markets start to turn back down tomorrow as sentiment diverges price.

Click on chart to enlarge S&P500 Hourly Grinds Higher – No V-Bottoms Because No HFTs For Yellen To Fraud The Markets

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.]

Central banks continue to push markets higher to convince the herd that all is great.  Draghi (the ECB guy) said something today (who cares what it was), but the facts are that Draghi can't move without Merkel's (Germany) agreement and Merkel won't agree to QE paid for by German taxpayers.  So the MSM continues to pump stories during US trading hours (how convenient Draghi's blather was) - a signal to central banks to hit the buy switch, but without the HFTs running to leap the market higher, Yellen is failing again.  To sum it up, politicians are controlling central bankers (they appoint the heads) and are using markets to fool the masses that big government is the way.  The reality is that big government is a cancer on all societies and it's what got us into this mess.

Click on chart to enlarge S&P500 Daily Up Again – But Without HFTs Yellen Can’t Move The Market 2% Anymore

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.]

It's always entertaining when some central banker says something and then the markets take off - today's move appears to be legit - no HFTs.  So this move should be short lived - we expect a move down on Tuesday, Monday being a US holiday.

Click on chart to enlarge S&P500 Hourly Pushes Up After Bullard The Banker Threatens More QE – No V-Bottom This Time

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.]

1970 is key support - we need to see a close below here as a start to confirming a lower trend.  No more HFT nonsense - a method to leap markets up in the face of a decline - as ICE banned HFTs as of January 14.  We expect to see more downside early next week - we don't think today's move will be the making of another one of Yellen's V-bottom stunts.  Once we clear 1970, 1820 is not far behind.

Click on chart to enlarge S&P500 Daily Bounces Up From Support – No HFTs So No V-Bottom Expected – Looking For More Down Next Week

S&P500 Weekly -

[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 expect to see more of the same next week - 1970 may act as support, but we suspect 1970 will not hold up by the end of next week.  Earnings season is yet another gong show of accounting tricks and buy backs with mix results at best.  1820 is the support we need to close below before considering this down trend to be serious.  HFTs remain shut off, so the Fed is buying each move at the same speed as the rest of us.

Deflation continues to accelerate and central bankers just can't seem to shut up during market hours - not Yellen, but Bullard this time threatening more QE - with the US debt at 18.3T this would get interesting.  More debt to keep markets up while the global economy continues contracting - like polishing portholes on the Titanic after the iceberg incident.

Click on chart to enlarge S&P500 Weekly Closes Down As HFT Shutdown And Shrinking Economy Takes Us On A Road To Reality
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