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Market With DTs 9/15/20

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.

At 5:30 AM in New York, the ES has turned up, broken out, and reached resistance.

Here’s what I had written at 3 AM, as Europe was opening. For those of you unaware, I don’t get up at 3 AM. I am in Europe. 😀

Anyway, at this point, my guess looks wrong. But it depends on what happens right here at 3393-95 as this resistance trendline is tested. If breached, there’s easy clearance to 3425.

In this case, that’s double tops. Very slight negative divergences in hourly oscillators, but no rollover yet as Europe opens and New York sleeps at 3 AM ET.

Significant resistance on ES around 3385 area. If cleared, they run into another resistance band 3390-95. If not, initially vulnerable to 3365.

Big Treasury coupon settlement today. No Fed MBS settlements and only small Treasury purchase. Bearish.

My guess for today? Down.

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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