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The Hourly Chart is Bullish… What Else Is New? 7/17/20 UPDATED 1:20 PM ET

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Yes, it looks bullish again. Although last night toward the close in New York when it looked like it would launch it stalled, and it’s still in that same range. So the fuel doesn’t seem to be there for follow through. Let’s see what happens this morning. A failure to get through 3212 on the ES would give the bears the ball.

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For now, the indicators say a move up is likely with targets of 3220-3230.  Not a big deal.




The daily chart gives some perspective on just how significant the current level is. A move through 3233 would trigger a launch. The target could be 3260 or 3285 by the end of the day. And that would only be the beginning.

Longer view here.




Indicators are bullish and portend a breakout through channel resistance at 3215.  2-3 day cycle projection 3225-30.




5 day cycle oscilators still bullish, but momentum is sketchy.

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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. 

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