In Conclusion, Inconclusive, But Here’s What Will Change That 11/20/20

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I’ll reach a conclusion when the market does.

For now, the ES futures have a 2-3 day cycle projection of 3582. Done.

It’s forming a triangle pattern– higher lows and lower highs– the epitome of inconclusiveness.

We’ve been rangebound for 10 days since th Pfizer pfizzle.

The 5 day cycle projection tentatively looks 3595. Thatn would break the triangle but it won’t break the range.  And the cycle high is ideally due today.

There’s been a narrower range over the past couple of dyas that looks like a base. If they clear that, the conventional measured move target would be 3605. Still far from a breakout.

On the way up look for resistance around 3585, 3592, and trend resistance rising from 3598 to 3600 going into the NY open.

Support is suggested around 3560-64, 3555, 3550, and 3540. Any trading between 3540 and 3585 is likely to be messy and inconclusive–a meat grinder best avoided. Once beyond that range we could get a decent, tradeable move.

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On 11/20/20, we have no 20/20.

Follow my intraday observations and join the fun!

But for a clear view of the longer term, and stock chart picks for playing them, get Lee Adler’s Liquidity Trader Technical Trader reports weekly. 90 day risk free trial.

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. 

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