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Market With DTs 9/15/20

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

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.

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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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