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Trying To Bottom 9/24/20

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

Here’s that beautiful 2 hour bar chart again. It sure looks like it’s trying to bottom here, if you look at where it is, and the behavior of the lower indicators. In addition, the 5 day cycle projection of 3218 was hit.  But I would have expected more of a V. Instead, it’s just lying there. Cue Jaws theme.

Liquidity moves markets!

Follow the money. Find the profits! 

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On the hourly bars, the indicators have turned, saying that the bottom is in. But not saying what shape the up phase takes. Sideways would be bearish. Bulls need it to clear 3240. Otherwise, they got nuttin! NUTTIN’ I tell ya!

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On the 30 minute bars, the indicators look bullish with the ES forming a double bottom. But again, they need to break that downtrend. The number to beat on this chart is 3232. That should be enough to confirm a stronger 5 day cycle up phase and perhaps more. But if they don’t break 3232, then they go at least to the trend support line at 3195, or worse.

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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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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.

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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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