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Unfulfilled Promise 9/8/20

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

At 7:45 AM in New York, the S&P fucutures were heading for a test of last week’s low, with what should be an intervening support level around 3380.  ES S&P Futures Hourly Chart

Below is what I had written earlier, around 4 AM ET.

Europe is marking time this morning, waiting for its next cue from New York, a cue that was missed yesterday.

Meanwhile the 5 day cycle projection points to a high of 3450 on the US. Trend support on the hourly chart is at 3420, about where the fucutures are at 10 AM in central Europe, 4 AM in New York. If that breaks, you can see for yourself several levels on this chart where a renewed pullback is likely to come to rest and reverse.

3385 and 3350 are the key support levels on the daily chart.

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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.

This Time Isn’t Different Yet

Here’s why the other shoe hasn’t dropped yet, but where it might.

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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.