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Sell Rosh, Buy Yom 9/25/20

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.

Crossing Patterns Confuse the Defense 9/25/20 was my original heading on the thread at the Stool Pigeons Wire.

Well, at least that was the case a couple of hours ago, but no longer.

The 2-3 day cycle projection as of 6:30 AM in New Yak was 3205. Looks like “Sell Rosh Hashanah. Buy Yom Kippur,” works again.

Anyway, here’s what I wrote earlier this morning:

What a mess. Let’s start with the 2 hour bars again.

Downtrend intact. Indicators say 5 day cycle is in an up phase. So far, it’s weak.

tvc_9bf2890044bee9651a8d1f9b5a3fe4c2.png

 

Now the 1 hour bars. Zooming in, the indicators say that the 2-3 day cycle has turned down. The pullback is underway, but it’s looking benign. If it holds above 3225 or so, it’s a consolidation in prep for another move up. If they clear the trendline now at 3252 at 5 AM in New York, then the next target would be 3268, and possibly points north. Bears would need to break 3218 to take charge again.

tvc_9f0cb22b4c51ba9ea8c76b91091678d4.png

And here’s how it looked at 6:30 AM on the 30 minute bars.

 

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Catch up with the short term to longer term outlook, and chart picks for playing both sides of the game in my weekly Technical Trader reports.  Here’s the latest:

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.

Technical Trader subscribers, click here to download the report.

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