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The ES broke a trend support line overnight, and has rallied back to it here in the pre-market. It found another support line at 3200 and rebounded. That’s now the number to watch on the downside. If broken, then look for a move to 3183.
ES has edged above the overnight downtrend line here at 5 AM ET. That line is now at 3214. If they don’t stay clear of that, bears will stay in control. If they do get above it, they can run it higher for at least the first half of regular trading hours, toward a target of the 3230 area.
Longer term projections and suggestings at Lee Adler’s Technical Trader. Read it risk free for 90 days.
Update 7 AM ET
Hourly indicators have gone to the buy side. 3 and 5 day cycle up phases due. Cyclically, today and Monday should ideally be up days.
Update 10:40 AM ET
Edging closer to failed buy signals here. Could signal a crash if they break 3189.
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Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes.
I have added 8 new stocks to the swing trade chart pick list, including 2 shorts.
These reports are not investment advice. They are for informational purposes, for a broad audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.