Wednesday, April 24, 2019

SPX S&P 500 Daily Chart; New All-Time Record Closing High; Overbot; Rising Wedge; Negative Divergence; Gaps

The bulls are singing songs and dancing jigs of joy as the stock market floats higher. The SPX prints a new all-time closing high at 2933.68 on 4/23/19 (yesterday) overtaking the prior all-time closing high at 2930.75 on 9/20/18 seven months ago. The SPX all-time record high remains at 2940.91 from 9/21/18. The HOD yesterday was 2936.31 only five points away from the all-time high. S&P futures are flat about 90 minutes before the opening bell for the regular Wednesday trading session.

Traders want to buy even the smallest of pullbacks since the central banks have promised to print money forever. This price action is very similar to 2016 when the global central bankers colluded to save the markets. Short-sellers are running for their lives, throwing in the towel, creating upside short-covering rocket fuel. The banks have found love after earnings. Other company earnings hit a homerun which causes Joe Sixpack to run out and buy stocks.

Tech and chip stocks carry the broad market higher. NDX, COMPQ, SOX, XSD, SMH and XLK are all at record highs. Interestingly, however, none of the hot-shot high-flying techs such as FB, AAPL, AMZN, NFLX and GOOGL, the FAANG stocks, are at record highs. Alphabet (Google) is only a hair away so watch GOOGL to see if the broad stock market rally has more upside legs.

XLY, consumer discretionary, is at a record high. Of course it is. In this new Gilded Age, the wealthy continue buying the fancy and high-priced trinkets and bobbles. The huddled masses worry about making ends meet each month. The Trump administration would be expected to hype the US-China trade talks to keep the stock market rally alive and this morning there is news of more trade talks and everything is going swimmingly. Of course there is.

Keybot the Quant remains long the market and pegged at the maximum possible +100 level and is tracking copper intensely for the last couple weeks. The price action in the stock market is epic and historic but everyone is yawning.

On the daily chart, yesterday's joy gave a bump to the RSI for a higher high. The other indicators remain in negative divergence (red lines). Thus, price will need to jog, down one day up the next, to another matching or higher high, to get the RSI to roll back over into neggie d. After such a big pop in price, there is momentum, so price may remain buoyant today digesting the gain, if so, the jog move occurs in the subsequent day or two.

The RSI, stochastics and money flow are all at or coming off overbot levels agreeable to a pullback in the daily time frame. The rising wedge is ominous since the collapses can be dramatic. The upper band was violated so the middle band, also the 20-day MA, at 2879, is on the table and the lower band at 2810. The upper band at 2947 must be respected if the momo continues; this would be a new all-time record high above the current 2941 all-time high.

The volume candlesticks tell an interesting story. The two highest volume days over the last month are two sell days. None of the buying day's volumes are stronger than the two big sell days. That is the institutions passing off shares to Uncle Joe and Aunt Harriet that are caught up in the bullish television hype. The red circles show distribution days where the smart money is passing off shares to the dumb money.

The bulls are happy to see the pop in the RSI which provides a couple more days of life as discussed above. The golden cross occurred in late March and remains in play helping bulls. A pullback would have been expected when the golden cross occurred but again, all dips are bot strongly.

The ADX finally indicates a strong upside trend (blue box). Bears will need the ADX to roll back over to the downside. The Aroon is pegged at the epic +100 level indicating off-the-charts bullishness. This also occurred days ago at the same time the red line was at zero. It is impossible to get more bullish than that; the scale is pegged. And now, as price makes a new record high, the red ADX line is not at zero, and it would actually be expected to be negative although this is impossible, but rather sits at 20; a divergence.

There are enough gaps down below to look like Swiss Cheese so they are appropriately shown in yellow. Gaps are typically filled at some point in the future.

The SPX daily chart has wants to correct since late February early March but each pullback is met with strong buying on central bank promises, US-China trade talks, short-covering rallies and earnings joy. Keystone has highlighted the long and strong SPX weekly chart through this same time period and obviously it is dominating the price action. The low CPC and CPCE put/call ratios have also wanted a large pull back in the stock market for going on a couple months now.

Instead of the daily chart dropping from 40 to a 100 handles or more over the last couple weeks or so, and then returning higher to satisfy the weekly chart, price simply grinds higher. The top in the SPX weekly chart will likely dictate this near-term top. The bulls have pushed it this far so what is a couple more weeks?

The SPX weekly chart is in negative divergence across its indicators except for the MACD line in the very near-term (the MACD line on the weekly is neggie d as compared to the September record highs). Thus, the weekly chart likely needs another jog move, down one week up the next to a matching or higher price high, to negatively diverge the MACD line. So it continues to appear likely that the S&P 500 will top-out on the weekly basis say the first or second week of May (perhaps "Sell in May and Go Away") or perhaps sooner. This will lead to multiple weeks of downside and the low put/calls will surely kick in with negativity.

Since the upside joy continues day after day with traders dancing in the streets drinking Fed rum, ECB champagne and PBOC and BOJ rice wine, expect anything in the days and weeks ahead. It would not be surprising to see the S&P futures down 50 handles overnight at any day forward.

So summing up all the above mumbo-jumbo, watch copper closely. Bears need weaker copper or they got nothing. If copper weakens today or going forward it will tell you that the party is over. Watch GOOGL since it is teasing at new record highs. If GOOGL prints new record highs, it will take other FAANG and tech stocks higher and continue the broad market rally. If Google falters and rolls over, that will indicate the broad rally is out of gas. Watch the all-time record high for the SPX at 2941 from last September. The S&P 500 was only 5 points away yesterday. A new record high would be a big bull win and may push the momentum forward.

Watch the RSI on the daily chart above to see if it rolls over and identifies another top in this daily time frame. Watch the MACD line on the SPX weekly chart since it will likely identify the multi-week top in early May. Be prepared for negativity to arrive at any time, any day, any hour forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added 9:38 AM EST: The Wednesday, 4/24/19, session is off and stumbling. Stocks are flat. Interestingly, the RSI is now dead flat as price prints a matching high. No need to wait for a couple-day jog. The RSI is quickly in negative divergence again. Copper futures are up +0.3% (lower than a couple hours ago). GOOGL is down -0.3%.

Monday, April 22, 2019

WTIC Light Crude Oil Weekly Chart; H&S Patterns; Iran and Libya News Spike Oil Prices; Rising Wedge

Oil is a big focus as the new week of trading begins after the Easter holiday. Traders are nursing hangovers from cheap booze. Chocolate bunnies, jelly beans, Peeps, hard-boiled eggs and beer are sloshing around in investor's bellies creating a queasy start to the week. S&P futures are off -8 about 3 hours before the opening bell for the regular Monday trading session.

The Trump Administration plans to eliminate waivers on the Iranian oil supplies. In other words, President Trump is tightening the sanctions on Iran (tightening the screws against the rogue nation that supports terrorism in the Middle East). On one hand, Trump is pressuring OPEC to keep the oil flowing freely to keep prices low to aid the US economy (lower gasoline prices) but on the other hand is limiting the oil supplies out of both Iran and Venezuela two of the world's key producers. American's are noticing that gasoline is back above $3 per gallon, a 3-handle. It took $80 to fill Keystone's pick-up truck the other day.

The president does not want nations to take Iranian or Venezuelan oil, however, many transfers continue taking place between tankers on the high seas. Trump pressures OPEC, controlled by Saudi Arabia, to keep the oil taps open but the Kingdom is keen on protecting their own interests. The Saudi's need a high oil price since that increases their revenues so they can support the population keeping the huddled masses at bay. The world's oil market grows more complicated daily.

Key news that has not been publicized enough by the media is Libya. The nation is in civil war again and oil supplies will be impacted. President Trump is now singing a different tune supporting the rogue general that is marching on Tripoli. Trump is extremely concerned about the oil market as evidenced by the change in policy over the weekend. The US will back any actors, good or bad, if it keeps the oil flowing, especially out of Libya. That is what it is all about; money and greed.

So currently, oil production is limited in Iran, Venezuela and Libya. West Texas Intermediate Crude (WTIC) oil is up +2.4% to 65.51 (green dot) this morning the highest since November. Brent oil is above 74 bucks.

The weekly oil candlestick chart above shows how price violated the upper band so the middle band at 62.22, and rising, is on the table. You will have to look at the chart today to see if the spike higher in crude on the Iran and Libya news creates neggie d. It is likely that it will as shown by the thin red lines. However, oil is trading on emotion and news making it a tough nut to crack. Look at the news this morning that spikes oil +3%. Short sellers are getting their pants pulled down and are given wedgies to begin their week. Oil bulls were hesitant to play the long side and they miss the pop.

Note the ADX showing a very strong down trend playing out in Q4 (purple box) but the long upside rally in oil this year is not a strong trend higher. The light blue lines show an inverted H&S pattern playing out with the head at 42.5 and neckline at 53.0. That is a difference of 10.5 so the target is 63.5 when price broke up through the neckline, which was achieved satisfying the H&S pattern.

The light grey lines also show an inverted H&S pattern with head at 42.5 and neckline at 55.5 so that is a difference of 13.0. So price should target 68.5 if the 55.5 neckline was taken out, which it was. Price is at 65.51 as this is typed so that target would be another 3 bucks. The upper standard deviation band is at 66.17 so there is a couple of upside targets here if the news continues that limits oil supplies.

Many charts are exhibiting ominous red rising wedges. The collapses from rising wedges can be quite dramatic. As the world worries about the oil supply-side, perhaps they should actually be more concerned about the demand-side in the weeks and months ahead. Keystone is not playing in the oil arena these days. If a direction had to be chosen the preference would be to play oil short going forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Thursday, April 18, 2019

NDX Nasdaq 100 Index Daily Chart; New All-Time Record High; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation

The fleece vest's in Silicon Valley are throwing confetti, drinking Fed wine and congratulating each other with their Apple wrist phones. The Nasdaq 100 Index prints a new all-time high at 7715.07 and new all-time closing high at 7680.72 (green lines) taking out the prior all-time high at 7700.56 from 10/1/18 and prior all-time closing high at 7660.18 from 8/29/18.

The Nazzy 100 record highs follow the new all-time highs in semiconductors. The SOX and NDX are parabolic comically trading like commodities. You know what happens to parabolic charts. The global central bankers have destroyed all price discovery and business cycles with their obscene Keynesian money printing. The chips and tech stocks are the main drivers of the Q1, now into Q2, stock market rally.

The ADX is up at 40 in the stratosphere confirming the strong trend higher in major tech stocks (think FAANG). The market bears will need the ADX to roll over. The Aroon is historic. It is nice to lock the chart into history displaying the perfect +100 and zero Aroon readings. The price action is historic. The trading volume jumps higher. Perhaps that is Joe Retail running into the big tech stocks ready to hold the bag; every top needs a sucka.

The upper band was violated so the middle band at 7505, and rising, is on the table, as well as the lower band at 7270. The collapses from rising wedges can be quite dramatic. The RSI, stochastics are overbot agreeable to a pullback. The chart indicators are in negative divergence wanting to see price retreat lower. That gap at 7400 is big enough to drive a truck through. There are other gaps below.

Despite the four-month rally, the 150-day MA line remains dead flat. Isn't that something? That pink line went negative in December and the Nasdaq 100 major tech and high-flying stocks remain in a cyclical bear market pattern ever since. That is amazing as price prints an all-time high. These are not your grandfather's markets.

The death cross (black circle) occurs in December and remains in play. The bears will need to drive the NDX down to 7K and get it to trend lower from there to maintain the death cross, otherwise, a golden cross will be likely out in May/June. It will be interesting to see if the likely imminent neggie d spankdown and rising wedge collapse can send price down to there quickly. The ongoing uber low CPC and CPCE put/call ratios continue signaling rampant complacency and fearlessness that needs to correct with a beating.

The Mueller report is going to be released in the hours ahead which may cause wild swings either way. The charts want to pull back but President Trump keeps hyping the US-China trade deal and Chairman Powell remains in the basement of the Eccles Building printing money like a madman. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added Good Friday, 4/19/19: US markets are closed today. In the Thursday session, the NDX does not print a new all-time high, so the record high at 7715.07 from 4/17/19 remains in place. The Nazzy 100 does print a new all-time closing high at 7689.72 on 4/18/19 interestingly, exactly 9 bucks above the record closing high from the prior day. The NDX daily chart remains in full negative divergence across all indicators. The SOX (semi's) prints a new all-time record high at 1576.79 on 4/17/19 and a new all-time closing high at 1558.13 on 4/18/19. SMH and XSD are also at record highs. None of the FAANG stocks (FB, AAPL, AMZN, NFLX, GOOGL) are at all-time record highs. Alphabet (Google) is the closest. Any sogginess in stock trading on Thursday due to the release of the Mueller report was nullified by the pre-holiday and full moon bullishness. Perhaps stocks will finally start to come back down to earth on Monday which is Earth Day.

Tuesday, April 16, 2019

SPX S&P 500 Daily Chart; Overbot; Rising Wedge; Negative Divergence Developing; Upper Band Violation

The SPX daily chart continues wanting to top out but the happy news messages keep tweaking prices ever higher. Treasury Secretary Mnuchin's comments on an agreement on enforcement methodology for a US-China trade deal creates another push higher. Ditto the Fed's Evans, a dove, who says an interest rate cut is on the table ahead if inflation remains subdued. The central bankers are the market. Boooiiinnng. Equities receive more love on the happy talk.

The chart indicators remain in negative divergence except for the money flow. With a US-China trade deal imminent and the central bankers promising ongoing easy money, the money flow pops higher. This juice creates a couple more days of upside joy. The expectation is for price to drop one day, due to the neggie d on the other chart indicators (Monday), but then recover for a day to another new price high (today; Tuesday), and at that price high, as long as the money flow does not print another higher high, the top is in again on the daily basis with universal neggie d.

S&P futures are up +9 about five hours before the opening bell for the regular trading session on Tuesday morning. If this happiness remains, the SPX will print another new high at 2911-2916. Simply check the money flow (and other indicators) to see if they are all in neggie d, if so, the top is in again. Stocks will drop unless President Trump, or his henchmen Mnuchin and Kudlow, or the central banks, speak more happy talk. If so, that will squeeze out another couple days of upside.

The upper band at 2928 must be respected, say if a trade deal is announced, but price has already tagged the upper band so the middle band at 2856 is in play and more likely. The lower band at 2805 is also in play going forward. Keystone's 80/20 Rule says 8's lead to 2's so price overtaking 2880 opened the door to 2920. If price tags 2918, that opens the door to 2922. The 2908 level opens the door to 2912. Remember that the rule works in reverse as well and 2's typically lead to 8's.

The red rising wedge pattern is ominous since the collapses from rising wedges can be quite dramatic. The low put/call ratios continue to want to bite off a big chunk of bull flesh. The red lines show indicators all in neggie d sans the money flow as discussed above.

The purple box for the ADX shows the strong downtrend in Q4 at the end of last year but this long 3-1/2 month uptrend has not been a strong trend, until now. This is very odd market behavior. The bulls will be happy if the ADX continues higher since it will show that the rally has new legs and will extend a while. Bears need the ADX to simply roll back over lower or flatten.

The Aroon green line remains pegged at the maximum ceiling while the red line is at the maximum floor at zero. It does not get any more euphorically bullish than that.

The SPX daily chart will likely top out today on the new price high and want to sell off but the weekly chart still has upside juice available on the weekly basis. So, the stock market will either take a big drop right now (due to uber low put/calls signaling rampant complacency) but then recover in a couple weeks back to new highs again and then print a top later this month or early in May that leads to a multi-week decline, or, stocks will chop with only minor pullbacks for 2 or 3 weeks as the weekly chart tops out, and the big drop and significant multi-week decline begins and occurs in May and June. 
This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added Good Friday, 4/19/19: US markets are closed today. The SPX is sitting at 2905 up 13 of the last 17 weeks a phenomenal run. The NDX, SOX, SMH and XSD are all at record highs so obviously tech and chips are the main driver of the stock market this year. None of the FAANG stocks (FB, AAPL, AMZN, NFLX, GOOGL) are at all-time record highs. Alphabet (Google) is the closest. Any sogginess in stock trading on Thursday due to the release of the Mueller report was nullified by the pre-holiday and full moon bullishness. Perhaps stocks will finally start to come back down to earth on Monday which is Earth Day. The SPX daily chart should continue to experience a slap down due to the neggie d. The SPX weekly chart is neggie d across all indicators except for the MACD line. This hints at a jog move ahead to likely create the multi-week top. Stocks may retreat next week to satisfy the daily chart but price will come back up due to the long and strong MACD line on the weekly chart, thus, down one week, but the following week, say the week of 4/29 to end the month, May 1 is a Wednesday and FOMC decision day, stocks should recover to top-tick the weekly chart. The S&P 500 weekly chart will likely top out with neggie d at the end of this month or early May and that will lead to a multi-week decline. Perhaps the low put/calls are simply waiting now for the SPX weekly to top out and this extreme euphoria and complacency will send equities down the rabbit hole along with the neggie d.

Monday, April 15, 2019

INDU or DJI Dow Jones Industrials Index Weekly Chart; President Trump Proclaims that the Dow Should Be 10,000 Points Higher Above 36,000!

President Trump continues to set up Federal Reserve Chairman Powell as the fall-guy if the economy and markets turn south. Of course King Donny will claim credit if the stock market continues rallying. All these politicians are the same be them demopublican or republocrat. On the weekend, Trump tweets;

"If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points, and GDP would have been well over 4% instead of 3%...with almost no inflation. Quantitative tightening was a killer, should have done the exact opposite!"

The president references the Dow since this is the most-followed index by the public. The message is clearly directed at the broadest audience possible (think election). Trump will blame Powell if the stock market drops like a rock. That is the function of the president's ongoing harassment of the Fed head. If stocks tank, especially into the election, Trump will say he was the guy that fixed everything but Powell ruined it. If the Dow collapses 10K points in a major selloff and couple-year malaise, Trump will say he told everyone it would happen because the Fed made a mistake. Trump is creating a back-door exit plan. This is how the crony capitalism game is played in America.

President Trump loves easy money; he is a big proponent of goosing markets with easy money. Despite promises to lower the US debt, the debt blew through $23 trillion and running quickly higher. No one cares. The rich are too busy shoving money into their pockets. The Administration cut banking regulations and taxes that benefited the wealthy class. This was Trump's priority when he came to power since they are the ones that financially support his re-election campaign. Such is America's crony capitalism system. It is not rocket science.

Comically, Trumpster could have kept Janet Yellen, Queen of the Doves, at the helm at the Federal Reserve, and he would have had all the dovishness and easy money he wants. Trump decided to ax Yellen and go with Powell. He says he picks the best people. It was his decision.

The chart would show the range of 31.4K to 36.4K (+19% to +38% higher) that Trump says the Dow should be at right now but, humorously, the Trump targets are literally, off-the-chart. The ongoing triple-top pattern is interesting. As Keystone says, "If ands and buts were candy and nuts, everyday would be Christmas." This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

SPX S&P 500 Support, Resistance (S/R), Moving Averages and Other Important Levels for Trading the Week of 4/15/19

SPX (S&P 500) support, resistance (S/R), moving averages and other important levels are provided for trading the week of 4/15/19. The US stock market is closed on Good Friday this week with Easter Day on Sunday. Passover begins Saturday and ends the following Saturday. Levels shown in bold are strong resistance and support. Bold and underlined levels are very strong and important S/R.

The all-time record high print for the S&P 500 is 2940.91 on 9/24/18 (seven months ago) and the all-time closing high is 2930.75 on 9/20/18. The SPX all-time record intraday low is 666.79 (the infamous 666) on 3/6/09 (one decade ago) and all-time closing low is 676.53 on 3/9/09.

For 2019, the intraday high is 2910.54 on 4/12/19 (last Friday) and closing high thus far this year is 2907.41 on 4/12/19. For 2019, the intraday low is 2443.96 on 1/3/19 and the closing low for this year thus far is at 2447.89 on 1/3/19. The Federal Reserve, PBOC (China’s central bank), ECB and BOJ colluded to save the stock market in early January and succeeded into the present. The central bankers are the market.

The SPX prints the high for this year last Friday at 2911 only 30 points away from the all-time high at 2941. The week begins at 2907. Note how price was held in check on Friday by the overhead resistance at 2912 and very strong resistance at 2914. If the bulls can punch through 2912-2917, they will pop the S&P 500 to 2924-2926 which would set up for a test of the all-time closing high at 2931.

For the bears, the SPX needs to drop through that support cluster at 2898-2906. If so, the S&P 500 will drop to the uber strong and very significant support level at 2887-2888. If this fails, price then drops lower to test the 2867-2873 support. Generally-speaking, the bulls maintain an upper hand in the stock market as long as the 200 EMA on the 60-minute at 2837 holds. If 2837 fails, the stock market will begin collapsing in earnest. The stock market could go into free fall if the 12-month MA at 2772 fails.

The SPX is above the 12-month MA at 2772 so the stock market is in a cyclical (weeks and months) bull market pattern. The NYA is above its 40-week MA so the stock market is in a cyclical bull market pattern. The 150-day MA at 2742 remains dead flat and in negatively sloping since Q4 last year so the stock market is in a cyclical bear market. These indicators will line out in the same direction and will 100% confirm the path ahead for the stock market. Bulls need the 150-day MA to start sloping upwards and they will be singing happy songs. Bears need the SPX to drop like a rock and lose the 2772 level to usher in market carnage.

The strongest support/resistance for the SPX (S&P 500) is 2941, 2931, 2914, 2901-2904, 2888-2889, 2873, 2867, 2862, 2854-2857, 2846, 2831-2835, 2822, 2806-2813, 2798, 2786, 2776-2780, 2743-2744, 2733-2738, 2723-2728, 2713, 2691, 2670, 2659, 2650-2652, 2628, 2584-2588, 2578-2581, 2560, 2548, 2529-2532, 2503, 2484-2497, 2478-2481.

The full moon peaks for the month on Good Friday. Stocks are typically bullish moving through the full moon each month. Stocks are typically bullish the two days before a three-day holiday weekend so there may be buoyancy in equities on Wednesday and Thursday this week. This hints that if the bears want to growl they had better start out of the gate Monday and early in the week. Global earthquake activity will likely increase going into next weekend and early in the week of 4/22/19 since the Earth and Moon will be at a gravitational inflection point.

The uber low CPC and CPCE put/calls remain in play signaling rampant market complacency wanting to see a big pullback in the SPX of 40 to 150 handles, or more, starting at any time forward.

The SPX weekly chart is slowly topping out. The stochastics are overbot and negatively diverged. Ditto the money flow. The RSI and MACD lines continue to eek out upside juice so this hints at sideways jog behavior for 2 to 4 weeks as the S&P 500 tops out in this weekly time frame. The SPX may move down this week, then up the next for a new high, then down for a week, then up for the following week eking out another slightly higher high. At that time, the indicators will likely be in negative divergence and the top will be in on the weekly basis say, late this month or the first half of May. That top will lead to many weeks of downside for stocks so the “Sell in May and Go Away” adage may hold water this year.

So the SPX weekly chart is not quite ready to give up the ghost but the low put/call ratios have been champing at the bit to send stocks sharply lower. What will give? Perhaps one of two scenarios will play out. First, the SPX may drop like a rock right now and flush quickly to 2837 then recover just as fast with another V bottom and then top out as described above in the late April-early May time frame and drop for many weeks forward after that.

Second, sideways choppiness may be the order of the day for the remainder of April. A slight pullback in the SPX this week will then lead to a slightly higher high the following week, then a slightly weaker week, you get the picture, smaller moves, and this continues for 2 to 4 weeks to allow the weekly chart to top out with neggie d. Then all Hades breaks loose with stocks falling like rocks, the low put/calls then take their vengeance, and equities sink lower for many weeks forward (likely at least a couple hundred points lower for the SPX). The Housing Starts data release on Friday is key.

If a US-China trade deal is announced, markets may bounce a day or two but it has the feel of a sell-the-news event. The Trump administration has hyped the trade talks for four months and the SPX pops a half-dozen points on each soundbite. There is a lot priced-in.

Interestingly, the central bankers have all shown their cards this year already. The global central bankers including the Fed, PBOC, ECB and BOJ colluded in early January to save the world’s stock markets. They saw the writing on the wall on 1/3/19 when the US market was falling apart and they panicked.

The central bankers are one-trick Keynesian ponies that only know how to print money that enriches the wealthy elite class. For the last decade, the Fed and other central bankers have enriched the privileged class beyond their wildest expectations while common people suffer through high-debt and structural unemployment. The coming recession will likely trigger a class war in the United States. Global populism and socialism are on the rise. Human greed and corruption destroyed capitalism. America is best described as a ‘faux free market crony capitalism financial system’. It is what it is.

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SPX (S&P 500) SUPPORT/RESISTANCE (S/R) through 4/14/19;

2941 (9/21/18 All-Time Intraday High: 2940.91)
2931 (9/20/18 All-Time Closing High: 2930.75)
2917 (8/29/18 Intraday High: 2916.50)
2914 (8/29/18 Closing High: 2914.04)
2911 (4/12/19 Intraday High for 2019: 2910.54)
2910.54 Previous Week’s High
2910.54 Friday HOD
2907.41 Friday Close – Monday 4/15/19 Starts Here
2907 (4/12/19 Closing High for 2019: 2907.41)
2898.37 Friday LOD
2873.33 Previous Week’s Low
2873 (1/26/18 Intraday High: 2872.80)
2864 (9/7/18 Intraday Low: 2864.12)
2860 (3/21/19 Intraday High: 2860.31)
2852.76 (20-day MA)
2837.10 (200 EMA on 60-Minute Chart an Important Near-Term Market Signal)
2834.40 April Begins Here
2817 (10/17/18 Intraday High: 2816.94)(3/4/19 Intraday High: 2816.88)
2815 (11/7/18 Intraday High: 2815.15)
2802 (3/13/18 Intraday High: 2801.90)
2801.28 (50-day MA)
2800 (12/3/18 Intraday High: 2800.18)
2798 (3/25/19 Intraday Low: 2798.36)
2791 (6/13/18 Intraday High: 2791.47)
2784.10 (10-month MA)
2772.05 (12-month MA; the ‘cliff’ a Keystone Cyclical Market Signal)
2762.55 (200-day MA)
2755.85 (50-week MA)
2749.57 (6-month MA)
2743 (3/8/19 Intraday Low: 2743.07)
2742.11 (150-day MA; the Slope is a Keystone Cyclical Market Signal)
2742 (5/22/18 Intraday High: 2742.24)
2725.35 (20-month MA)
2717 (4/18/18 Intraday High: 2717.49)
2710 (10/11/18 Intraday Low: 2710.51)
2707.32 (20-week MA)
2705.47 (100-day MA)
2695 (12/18/17 Intraday High: 2694.97)
2692 (6/2818 Intraday Low: 2691.99)
2677 (5/29/18 Intraday Low: 2676.81)
2674 (12/29/17 Intraday Low; 2673.61)
2669.02 (100-week MA)
2665 (12/4/17 Intraday High: 2665.19)
2653 (12/13/17 Intraday Low: 2652.85)
2605 (12/1/17 Intraday Low: 2605.52)
2604 (10/29/17 Intraday Low: 2603.54)
2597 (11/7/17 Intraday High: 2597.02)
2595 (5/3/18 Intraday Low: 2594.62)
2583 (12/10/18 Intraday Low: 2583.23)
2554 (4/2/18 Intraday Low: 2553.80)
2544 (10/25/17 Intraday Low: 2544.00)
2522.38 (150-week MA)
2491 (8/8/17 Intraday High: 2490.87)
2488 (9/25/17 Intraday Low: 2488.03)
2484 (7/27/17 Intraday High: 2484.04)
2481 (8/7/17 Closing High: 2480.91)
2478 (7/27/17 Closing High: 2477.83)
2454 (6/19/17 Intraday High: 2453.82)
2453 (6/19/17 Closing High: 2453.46)
2448 (1/3/19 Closing Low for 2019: 2447.89) (Global Central Bankers Collude to Save the Stock Market and Protect the Wealthy Elite Class; 2448 is a key line in the sand)
2444 (1/3/19 Intraday Low for 2019: 2443.96)
2417 (8/21/17 Intraday Low: 2417.35)
2401 (3/1/17 Intraday High: 2400.98)
2397.92 (200-week MA)
2396 (3/1/17 Closing High: 2395.96)
2351 (12/24/18 Closing Low for 2018: 2351.10)
2347 (12/26/18 Intraday Low for 2018: 2346.58)
2341.32 (50-month MA)