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The Green Team Rules, But Red Is in the Background 9/23/20

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.

The uptrend from yesterday’s low looks solid, with a 5 day cycle projection of 3330-40. But first, trend resistance is suggested at 3316-17, and 3325-30. But even reaching 3340 might not give the bulls a victory in the big picture.

Hourly:

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2 hr bars- Looking at the lower indicators, the suggestion here is that this rally will take a day or two to top out.

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Finally, the 30 minute bars. 2-3 day cycle projection is 3330. But that cycle isn’t cycling at the moment. We can see shorter and longer. That one is in trending mode. However, there should be a little downdraft to end the cycle later today.

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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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