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Another BTFD Moment 9/4/20

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

While I think that yesterday was a warning shot across the bow, I’m voting twice in favor of it being yet another BTFD moment. I’ll take a deeper look at the big picture in this weekend’s Technical Trader, which you can try risk free for 90 days if you are not now nor have ever been a member of our party.

Meanwhile, here’s the hourly chart view. First of note is that as usual they bought the double bottom last night and rallied 42 points from there, but only to uptrend line resistance. Those lines are around 3475 at 5 AM ET. If they manage to clear those, the next target would be the newly established downtrend channel line currently at 3500, descending to around 3465 as of the NY close at 4 PM ET.

It’s too soon for a 2-3 day or 5 day cycle projection.

Your new TVC (4).png

 

To keep things in perspective, here’s the daily. A pullback to as low as 3375 or so would still be a normal pullback to a breakout point from a bullish perspective. To change that, the decline would need to break down below that area, where the February top was on the ES.

Your new TVC (5).png

You can follow more of my intraday snark at the Stool Pigeons Wire. Register there and join in!

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.

The Genius Move Was Following the Crowd

Following the crowd would have made you the most money. But now what?

Technical Trader subscribers, click here to download the report.

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Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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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