Today’s Stock Market Chart Pattern and Outlook – The Shadow Knows

Here’s today’s mid-day stock market chart outlook for the rest of the day.

This morning’s pullback stopped at 2908, where minor support was indicated on my intraday cycle chart. Today's Stock Market Chart Pattern

If this little stutter step was the midpoint of the move, then we’re looking at 2892 as the target.

Note: This is an if-then statement. In  other words, I have no fucking clue where this move is going. At least at the moment, until the market gives us another signal.

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The target could be 2900-2898 where minor support line s project currently. Or this could be it.  Or 2850. Or 2830. Remember, they usually go down faster than they go up.  Today's Stock Market Support and Resisstance Levels

2919 is minor resistance. If cleared, look for 2929. If they fail to clear, put on  your crash helmet.

If it gets there, I would guess that the PPT and the Fed will attempt to defend 2900.  Whether they’re able to do so successfully is the question.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

  2 comments for “Today’s Stock Market Chart Pattern and Outlook – The Shadow Knows

  1. August 9, 2019 at 12:00 pm

    The market broke support as I was finshing this post. The 2 day cycle projection is now 2892.

  2. August 9, 2019 at 1:18 pm

    Surprise surprise. They defended 2900. 2 day cycle turns up before reaching projection. If they clear 2923, next target would be 2936. 

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