Party on Garth!

Stock Market Technical Analysis Blog

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In the market today traders quickly shifted into a Wayne's World mentality and started buying with both hands and feet as we learned that Yellen's helicopter is not only likely to be bigger than Ben's but will have twin payload dropping trap doors.  Most notably the S&P / SPY broke out of its recent channel increasing the odds that we could have a parabolic bubble during Ben's remaining days.  

Taking a look at the charts above:

1.  7-day intraday chart of SPY we see that it regained its steep channel from last week
2. 120min bar chart of VIX showing red/blue down cross follow thru
3. Day candles of SPY - a strong daily candle off the bollinger basis line, popular with newcomers to the market
4. Week candles of SPY shows us riding the upper rail
5. SPY - going to pass on this orange/green lift as the market has been literally reeking of manipulation this past week
6. VIX - continued slow EMA pushdown
7. SPY - we are already establishing the first ramp up channel for a bubble
8. VIX - approaching the danger of the 12.00 level but hey, who cares? looks like money will be falling from the sky for some time
9. SPY -  pushing up from and rejecting the summer channel
10. VIX - that silly VIX, who pays attention to that anyway nowadays?
11. SPY - approaching its greatest overextension from its 100 EMA line ever
12. SPY major EMA lift getting really long in the tooth now
13. SPY bounced off the 15 EMA line today right on above upper float channel line in the newfound euphoria
14. SPY ADX - if you have followed ADX on the SPY very long you just got to love that pattern lol
15. SPY if you loved the ADX pattern, you will think what they are doing to the MACD reading right now is just peachy
16. SPY do we really need all those big congestion SMAs anymore?
17. SPY pusing higher off last resistance line
18. SPY Fibonacci - good thing it didn't take long to post those Fibonacci lines
19. SPY see you later blue channel?
20. 25 year chart of S&P can't we find a steeper channel?
21. 2-year chart of NASDAQ - could someone please erase those upper channel lines?  who needs them anyway
22. 2-year chart of DOW playing by the rules but may not want to much longer

P.S.  Sorry for the cynical slant tonight, I really miss the old stock market where moves were real and manipulation was only occasional

Trade well my friends

Alan