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Market Blows But Does It Count 8/24/20

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

Is it a breakout or a blowoff top? The 5 day cycle projection is 3435. Hey, they can count.


Update 6 AM ET:

It’s 6 AM in NY and early rising traders are getting to their screens and seeing this. The hourly indicators say that they’ll be sellers. My guess is that they’ll pull it back to 3410 or even 3395 or so by the time NY opens.

Update 7 AM ET:

And they’re on the buy side, aiming for resistance at 3425, or even that 5 day cycle projection.

My version of MACD is at a level that typically leads to a pullback while True Strength Indicator has broken out.

Correction. 3435 is the 2-3 day cycle projection. The 5 day is 3450.

S&P should be at 5000 by Wednesday. Dow will be 50,000. TSLA will be a million dollars a share.

The market value of AAPL will be infinity.

You can follow more of my intraday snark at the Stool Pigeons Wire.

Meanwhile, get cycle projections from 2 weeks to 2 years, along with key support and resistance trends and levels, and long and short stock trading ideas at Lee Adler’s Technical Trader. Here’s the latest report.

Stocks Breach

A short term top and minor correction are due but intermediate cycles still point higher. We have more stockchart picks to take advantage either way.

Technical Trader subscribers, click here to download the report.

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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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