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.

Click to enlarge

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.

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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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