4 AM ET.
Yes, they are. They have come back to celebrate the holiday.
Did they ever really leave or were they just jerkin’ us off?
So all of Friday’s loss has been recovered here at 3:46 AM in New York, 9:46 AM in Central Europe where I am.
It’s another crisp, sunny beautiful Mediterranean day here on the shores of the Adriatic Sea and as I look out at my Windows, I see trendlines. I see lots and lots of trendlnes. In fact the ES just hit the underside of an uptrend line a few minutes ago. It’s rising, so it’s not much of a constraint. That was at 3579. By the time, New York opens, it will be around 3585. Goodness gracious, pray for the bears if they get above that line. Because it would probably mean the trend is accelerating.
3585 is a big number from the perspective of an important daily resistance level also. If they manage to stay below that, bears will remain in business, at least for a possible retest of Friday’s low around 3542. If by some act of the gods of the bears, that’s broken, the shorts will be in business. I must say that at this point, the hourly oscillators say we’re going up, but there’s not a lot of conviction there. The slope of those indicators is tepid across the board.
And guess what. The 5 day cycle projection points to 3585. Surprise, surprise.
It is a holiday week in the US of course. More often than not, that’s bullish, especially, Tanks Giving week.
Update 6:30 AM
Looking at the 30 minute bars. A break of the trendline at 3575 would suggest a lopsided top pattern. But bullish as all getout if it holds.
Follow the discussion intraday at the Stool Pigeons Wire.
The market started a baby downtrend channel last week. The top of the channel will open on Monday at 3572. Here in the premarket around 5:30 AM in New York, that trendline was being challenged as, once again, Asia and Europe have rallied. This report shows you what to look for this week as it affects the longer term outlook.
Meanwhile, the after effects of the disastrous Pfizer gap of November 9 are receding and list performance is recovering nicely. The average gain rebounded to +5.6%, with an average holding period of 11 calendar days.
I have adjusted trailing stops on all but one pick. All ten existing picks are longs. I’m adding 6 new picks this morning, including 4 shorts and two longs. Entries will only occur within the order price brackets, and, if so, are assumed to take place at 9:45 AM. With these gap openings becoming common, that has been a better entry time in the morning.
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Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance. These reports are for informational purposes for experienced investors and traders.
