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 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 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.]

The candles show bearish, but no major supports are broken.  These markets have no business being this high considering the miserable state of the global economy, but that doesn’t matter much.  The MACD says top, but the bollingers say more upside.  Daily chart provides a clearer picture.

Click on chart to enlarge S&P500 Weekly Caught In Consolidation – Technicals Mixed

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.]

We’ve been over bought for two years now.  A move back inside the bull channel is a good start for the downside story.  1740 remains the support that needs to be broken and we a way to go.  Once again, we await some follow through as the bare minimum before considering a trend change.

Click on chart to enlarge S&P500 Weekly Still Up Strong – Technicals Showing Downside Next Week

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.]

Yes, these markets are way over bought and detached from economic reality.  That being said, we expect to see more follow through to the downside next week as technicals indicate this.  See daily for better view of support levels that need to break.

Click on chart to enlarge S&P500 Weekly Shows First Bearish Sign In Weeks – Need Follow Through Next Week
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