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Shocked! Shocked! 10/30/20

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

Sure enough, a mere few hours after I wrote the comments below, the overnight losses are but a distant memory. The market has cleared would-be resistance at  3255-60, and is now testing the next supposed resistance level 3275-80.

Liquidity moves markets!

Follow the money. Find the profits! 

Hourly indicators look kind of iffy. They actually were more bullish looking earlier this morning. Here’s the latest hourly view as of 6:15 AM ET.


2:24 AM ET I woke up this morning to see the ES down over 60 points from yesterday’s close. I expressed my shock in a few posts at the end of yesterday’s thread.

Had you been trading the futures from yesterday’s close through the overnight session and into the wee hours here, wow, you could have made a lot of money!

The sell signal was actually pretty obvious yesterday afternoon. I made a post in yesterday’s thread calling attention to it. Admittedly I had no idea that it would lead to this kind of carnage. At one point I even doubted that it would stick at all.

This market is definitely following the rules of TA but you need to trade esoteric instruments almost on a 24-hour basis to be able to take advantage completely. This is a market, not for humans but for machines.

5:23 AM ET

They’ve broken the overnight downtrend and reached the area of yesterday’s low, which should be resistance.  Hourly oscillators are in bullish configs however. The selloff could be history by the time NY opens.

Or not. IF they stay under 3265. Above that, bulls have the ball back, I think.

Click to engorge.


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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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