The ES fuctures are up 22 points from their overnight low here at 5:25 AM ET, but that’s still down 46 from Friday’s close. It ran into multiple support lines and levels and blew away a 5 day cycle projection of 3260 at the low of 3248. The hourly indicators suggest that the market may be bottoming here. There’s no confirmation of that yet. It now must clear 3290 or so to prove a reversal.
Liquidity moves markets!Follow the money. Find the profits!
Here’s how it looks zoomed in on 30 minute bars. A 2-3 day cycle projection of 3250 was hit. 30 minute indicators are also in position for a bottom, but are not confirming. When NY traders wake up and start getting to their screens around 6 AM they need to push above 3280 to get a turn confirmed on the 2-3 day cycle. That should be enough to turn the 5 day cycle as well.
Ooops. They’re weakening again and there are no positivie divergences yet to suggest that this will be the low.
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.
An important low is due right now but bears have a chance to break the market. This report shows you the setup and gives you picks to play both ways. Current long/short swing trade chart picks are up 6.9% (100% cash basis) on average, with an average holding period of 3 weeks. This week I added 3 short and 3 long picks. That leaves the list with 6 shorts and 10 longs.
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.