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Higher Low But Not Higher High Yet 9/14/20

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Friday’s low on the ES was a fraction higher than Tuesday’s, but as of 5 AM in New York, they hadn’t cleared Fridays high. Hourly indicators were still bullish, but they’ve paused and a deeper downtick this hour could get them to roll over, signaling a 2 day cycle high in the pre market as well as potentially a final downdraft in the 5 day cycle. That cycle is ideally due for a low on Tuesday, but a low today is certainly also possible.

If they hold above 3360 here, bulls are in charge. Even if they pull back to 3330, I think bulls would still have the upper hand.

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The Fed pumps in a ton of money today via the first of the usual monthly MBS settlements that happen in the middle of each month.

Mr. Minus-chin Conspires With QE for September Happy Ending

UPDATE 10 AM ET

Oop there it is!

There’s your higher high.

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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.

Where There’s Fire, There’s Smoke

The June selloff was 265 points high to low. So far, the current selloff has hit 278. Bigger? Nope, not in percentage terms. This one is -7.7%. That one was -8.2%. So, we can still say that this time isn’t different.

Yet. But there’s smoke. Plenty of it.

Technical Trader subscribers, click here to download the report.

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