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Drive for 35 10/8/20

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

Since I first posted the comments below, the ES did indeed pull back from the first resistance level and reclaim sub 3420. But they immediately retraced to that line.

Dare I say that this level now looks pivotal? The 2-3 day cycle projection still points to 3450, and hourly cycle indicators have not yet flashed clear sell signals.

Earlier at 3:15 AM in New York it looked like this:

It sure feels as though the S&P is headed for the 3500 level again over the next few days. But the hourly chart of the ES fucutures shows that there are obstacles in the way.

The first of these is right here in the 3433 vicinity as of 3:15 AM ET. Then there’s 3445-3450.

These are the resistance levels where we’d look for this surge to end today or tomorrow.


The 2-3 day cycle projection is 3450, implying that they’ll get to the uppermost trend resistance line.

Bears would need to reclaim a sub 3420 reading to have a chance of getting anything sustainable going to the downside.

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Here’s the latest weekend update from my Technical Trader reports.

Tick Tock – Market Is a Broken Clock

Mixed cyclicality has led to a rangebound market. There’s no sign that that will change this week. But look out if it does!

Technical Trader subscribers, click here to download the report.

Not a subscriber? Try Lee Adler’s Technical Trader risk free for 90 days!

And from Liquidity Trader, where I’ll post another update later this morning.

If Bonds Sell Off, Dealers are in Trouble and So Is the System

Primary dealers have maintained huge and heavily leveraged long bond positions. They are only lightly hedged. Just today, the bond market is threatening to reverse the long term downtrend in yields/uptrend in prices. It’s bad news for the bond market, and for the system as a whole. And that includes stocks.

Subscribers, click here to download the report.`

KNOW WHAT’S HAPPENING NOW, before the Street does, read Lee Adler’s Liquidity Trader risk free for 90 days!

Act on real-time reality!

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, 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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