Waiting for Yellen, Ugh!

Below is what we discussed at Tuesday's close. The analysis remains viable and valid this morning, as we head into the Jackson Hole presentations and prescriptions starting Thursday. MJP 8/24/16.

Another session of higher-grinding prices, to a new all-time high at 2191.50 in fact, but the highs were not sustained, and ES (Emini S&P 500) faded after Noon ET into the closing bell.

I count 5 new all-time new highs since Aug 8 (se blue circles), none of which has triggered upside follow-through or acceleration.

Although there is no selling pressure, we have to wonder how strong the buyers are given the lack of upside continuation time and time again. One of these days, there will be an "uh-oh" moment, when the buyers reveal their exhaustion.

Whenever that is, who knows?

From a chart perspective, a break of 2175/73 is needed to inflict some technical damage, and to trigger a warning signal that the bulls just might be exhausted-- until the Fed gives them something to feel better about. MJP 8/24/16