Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Market BTFOs 9/16/20

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

As of 7:30 AM in New Yak, here’s how the ES fucutures looked.

The breakout extended for a bit but now coming back to earth. Not only that, they’re back to the breakout level. Do or die for the members of the bovine club. Indicators on the 30 minute bars have stalled, and rate of change – the topmost lower indicator has begun to edge lower and is on a sell signal. If they drop more than a hair below 3420, then the party is likely over and a 5 day cycle projection still around 3440-45 won’t matter.

But if the pullback holds here, then up we go again.

tvc_c9df414bb6d5e290c1f3255ce03d43f1.png

At 3:35 AM I had opened with:

Yep, looks like it’s breaking the fornicate out.

But it faces a lot of overhead from 3419-23. Hourly indicators uptick from high levels, normally a bullish sign that usually leads to trending mode of indefinite duration.

tvc_22cfac9b97836305a5b695b2f24d47ba.png

So there was progress, and then backtracking. Nothing new there.

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.

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. 

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.