S&P500 Weekly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Central banks are bidding markets up.  Corporations are buying shares back.  The global economy is contracting.  Governments are lying about their economic data to mass their economic mess.  The reality over the last few years.  And it's all coming to an end soon.  Government and central banks are mandated to create stability.  Funny how that didn't work out - perhaps because it was never intended to work out.  Should see more downside next week.

Click on chart to enlarge S&P500 Weekly Closes Down – Remains Consolidated – Need To Close Below Wedge Support

S&P500 Weekly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

We have included lines indicating a wedge pattern (ending diagonal for the elliott wavers).  This is significant.  We expect a sharper move up followed by a sharp reversal.  We could also truncate.  We suggest you follow this pattern on the daily.  We are calling for another push up next week and then reversal, perhaps closer to the end of the week.

Click on chart to enlarge S&P500 Weekly Surprises And Closes Up – Earnings / Share Buyback Season Is Underway

S&P500 Weekly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Another week goes by - one earnings confession.  Only a few hundred to go.  Technically this week is a strong reversal sign which push us much lower next week.  The MACD continues to fade.  USD strength will hurt revenue and earnings for Q1.  The stronger USD will also hammer guidance.  Markets have largely ignored the economic mess the world is experiencing largely due to central banks coordinating the bidding of bonds and equities higher.  The stronger USD should continue to drive deflation (not inflation) and drive world GDP into negative territory soon.  Currently, we are at 0.2% for Q1 GDP down from an initial of 2.5%.

Click on chart to enlarge S&P500 Weekly Down As Earnings Confessions Are Still No Where To Be Found – USD Remains Key

S&P500 Weekly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Much of our analysis has leaned toward what the Fed has been doing to manipulate (through indirect purchases of equities) markets higher.  With the USD strength, revenue and earnings should get crushed in Q1 and guidance will be weak.  Typically, companies provide earnings confessionals (adjustments) to the quarter end.  We have seen Intel do this (down 4% after the announcement) and no one else.  Next week could be the launch of these confessionals.  The USD pullback is unlikely to last - it's taking a breather and resume upside next week.  Downside pressure is at extremes.  Meaningless tripe from Yellen this week was just the trigger for her coordinated jack hammering of the market higher - nothing else.  GDP guidance is falling fast too. Many Chinese firms report this coming week in Hong Kong - we expect lots of lying.  However, we should fall hard this week based on the former.

Click on chart to enlarge S&P500 Weekly Closes Up – Earnings Confessionals Still Nowhere To Be Found

S&P500 Weekly -

[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

The bizarro world of Yellen controlled (Federal Reserve controlled) markets continue.  Here's a nugget that should be fun to watch - in 48 hours, the US government will either default or get another shot of "more debt" as the debt ceiling hits Sunday night.  If unresolved, the US government starts defaulting Monday morning first thing - this is the real deal.  What's more ominous is that other that Zero Hedge's one article, virtually no MSM is currently covering this.

We are also two weeks away from quarter end and Intel alone has adjusted down, as we had forecast all US companies would due to US dollar strength.  The darker question is where are other hundreds of companies that will need to do this?  Share buybacks and the Yellenator won't save this quarter.

Europe's markets are also riding to new record highs because as we all know, continent wide deflation (or depression - pick what you prefer) and shrinking GDP is bullish for markets.

Yes folks, central banks are out of control and operating well outside of their mandated purpose - nasty stuff.  Expect to see markets fall further again next week - this is a guess based on technicals, but Yellen could show up and buy up more of the US private sector to keep things, regardless of ramping deflation.

Click on chart to enlarge S&P500 Weekly Down For Third Week – Not Enough For Trend Reversal – US Debt Ceiling Deadline On Sunday
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