Menu Close

Market Stalemate Until It Breaks This Key Level

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

What a tremendous week this has been (and, again, we’ve still got a trading day left). I think I haven’t enjoyed markets this much since last December.

Until recently, we had to endure a market that was either talking about “trade talk optimism” (surge to record highs) or wasn’t (steady and flat). Now we’ve exchanged that for “trade war tensions” (hard plunge) or lack of news (steady and flat).

Of course, old habits die hard, and “investors” have become all too accustomed to being saved at any sign of trouble, much like a three-year old with helicopter parents. Thus, after eleven years of mollycoddling, those who didn’t like the sting of a small downturn quickly got assurances from the government this week that it was all going to be fine, and easing would be provided if necessary. As our patron saint George Carlin called it, “the Great American Okey-Doke.”

As if stands now, the bulls have in their favor the fact they were able to push the ES above the psychologically-important 2900 level. We remain above it, in spite of a little weakness since the regular session closed on Thursday. Simply stated, we need to get below 2900 again for some serious selling to renew. Until then, it’s a stalemate.

Join the conversation and have a little fun at If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Follow by Email