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Posted in Lee's Free Thinking

A Whole Lotta Nothin’ 11/19/20

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

Nice little pullback yesterday. But 3540 and 3520 on the ES are both important support levels. We should see a bounce from one of those. And if not there, then major support at 3510. I wouldn’t get too excited about this pullback unless they take that out.

At this point, there’s no indication that that will happen. The 5 day cycle projection is now 3550, done. 2-3 day cycle projection 3540, almost down.

Trend resistance is currently 3560 as of 6 AM ET. That drops to 3545 at the NY open at 9:30 ET.  Next resistance levels above that would be around 3565 and 3570. If cleared, look for 3585 again.

Your new TVC (6).png

 

You can see on the 30 minute bars, they already look like they’re headed back up, with big positive divergences on the indicators, after ES found support at big downtrend channel centerline.  Test of resistance 3555-3560 now starting looks critical to the outlook for the rest of the day.

Your new TVC (7).png

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And Looky hyah for the big picture.

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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