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Support Break Tested From Below 7/24/20 – Update 11 AM ET

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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.

ES Futures Hourly Chart

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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.

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Update 10:40 AM ET

Edging closer to failed buy signals here. Could signal a crash if they break 3189.

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This Week Will Tell If The Bear is Really Coming Out of Hibernation

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.

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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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