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Leaving Us on the Brink 9/29/20

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

Let’s start with the nifty 2 hour bar chart.

They broke the downtrend, then pulled back inside it. But unless they drop below 3320, this will look like a consolidation, rather than reversal.

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On the other hand, Liquidity Trader subscribers know that the next 2-3 days, especially Wednesday will be very hostile to the bulls, so we’ll see. I’ll check back before NY opens to see if the pullback holds up.

Meanwhile, here’s the 1 hour bar chart. The 5 day cycle projection of 3385-3400 is unmet, but there’s a ton of resistance between 3365 and 3395. If the pullback holds above 3325, it’s probably still bullish. If it drops to 3320, it’s a bit iffier, but still bullish. If it gets materially below that, then I’d say we’ve had a false trend breakout and the trend is still down.

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In my personal trading account, I closed out yesterday with about a 60/40 long/short balance. So I’m well set up to cancel out any gains on either side and end up with nothing 😂, as usual since I’ve temporarily dropped my role of being an unbiased, impartial, non-combattant observer. 😁😁😁

Hoping that assuming a combat role does not impact my impartiality. I’ve approached each day trying for both longs and shorts, but have had a hard time finding good short setups, then getting killed when I do, as they immediately blow up.  😄😄  My observation would be that some of the strongest stocks yesterday were those that had the weakest trends on the daily charts.

But it has been fun. 😉

See you again before NY opens. Heading out for my morning power stroll through the parks, hills, historic districts, residential neighborhoods, and commercial pedestrian areas in and around central Zagreb. I’ll be here for a few more days, then back to seaside Zadar for a couple weeks. Then I’ll come back to the US for a few weeks to TCB, and then get the hell out again before the civil war starts.

Ciao for now, or chow, as the case may be.

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

Catch up with the short term to longer term outlook, and chart picks for playing both sides of the game in my weekly Technical Trader reports.  Here’s the latest:

The Bulls Are Back

An up day on Monday would confirm that the short term downtrend is broken. This report gives you the key support and resistance levels, and what to expect if they’re broken. I’ve added 8 chart picks, 5 longs and 3 shorts, to take advantage of a move either way.

Technical Trader subscribers, click here to download the report.

Not a subscriber? Try Lee Adler’s Technical Trader risk free for 90 days!  

 

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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