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Another Day, Another Breakout 7/23/20 UPDATE 2:45 PM ET

This is a syndicated repost courtesy of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Reposted with permission.

Hourly indicators are still bullish. A 3 day cycle high is due late today early tomorrow. The 2-3 day cycle projection is 3300. An earlier turn at a lower price would suggest that the bigger trend is weakening a bit. They need to get back under 3272, otherwise the uptrend will remain intact.

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ES Futures Hourly Chart

 

UPDATE 9:10 AM ET

ES needs to break 3258.88 to set a lower low on the hourly.  It seems to have set a new uptrend channel at a lesser angle, but on the bearish side, hourly indicators are now on sell signals. Look to see whether 3273 is resistance. If rally is rebuffed below that, bears ball for the next couple of days.

 

UPDATE 2:45 PM ET

Latest 5 day cycle projection 3210 done. Also multiple support lines hit.

I’d call a low here but indicators are crashing. This should break down and get very dramatic on the downside.

 

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, 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. 

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