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.]

Yellen speaks next week and we already know she prefers a green back drop.  After we head lower by end of tomorrow and Friday, we may see a Fed induced bounce higher in preparation for Yellen’s rambling spew about nothing – but code for her flunkies to start buying.  Exit aggressively on down moves as we still may see some strong moves up.

Click on chart to enlarge S&P500 Hourly Close Below Channel Support – Could See Opening POMO Bounce Before Continuing Lower

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.]

Up at the open tomorrow, stall around 11a and roll over by noon.  Yellen is also using proceeds from previous bond purchases to jack the markets – jacking the markets, that is what you call it, isn’t it Yellen?  October 28 is the last shot of POMO – for now. Interesting how the channel “throw overs” pair – one to the support side followed by one to the resistance side.  When markets trend lower, volatility increases and price swings increase.  Be mindful of this as moves lower get more aggressive – exit aggressively and avoid longs overnight.  Cycle brackets indicate more time will be devoted to the downside.

Click on chart to enlarge S&P500 Daily Stalls At Channel Support – Second Last POMO Blast Tomorrow – We Know How It Goes Yellen

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.]

To continue from the daily report, POMO extension is hitting the MSM now.  If this extension does occur, the message is clear – POMO on, markets up.  POMO off, markets down.  This will continue until the Fed has purchased all the tradeable shares of all the stock exchanges – OR – until the board members of the Fed demand Yellen’s resignation.    Yellen isn’t stupid – a bit arrogant, but not stupid.  Yellen knows what she is doing.  If POMO continues, something more grand is occurring, but you can be sure that whatever is unfolding, it will not be good for you nor I.   In general Santelli is all that counts over at CNBC, but even Rick had trouble handling Peter Schiff at Euro Pacific Capital – a two minute rant – funny.

Click on chart to enlarge S&P500 Hourly Shows No Down Ticks – Yellen Unleashes Uncle POMO On 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.]

So markets are up today because the Fed head punched another $2B or so leveraged US dollars into markets.  In other words, Yellen the market maker was buying.  Yellen the market maker will be buying about the same tomorrow, but the effects should wear off, as per the typical daily POMO cycle, around noon EDT.  Another Yellen backed dump of POMO arrives on Thursday the 23rd.  This should be the second last POMO of October.  Speculation is percolating around a possible extension of POMO into November.  See hourly for details – expect markets to open up and roll over by early afternoon.  Many companies are reporting earnings, but this doesn’t matter (issue zirp bonds, buy back shares, jack EPS, adjust revenue targets, set guidance high and roll back later – lather, rinse, repeat).   Follow Yellen’s POMO and you have all you need – Yellen does the buying until the POMO runs out.

Click on chart to enlarge S&P500 Daily Up About 1% On Day One Of Three Day POMO Week – More POMO Tomorrow

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 Cuts Through Bear Channel Resistance – Could See Move To 1910 Before Roll Over
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