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He Who Sells What Isn’ His’n, Must Buy It Back or Go To Prison 12/18/20

Here’s what’s scary about the hourly chart of the ES- the S&P fucutures. The 5 day cycle has been in a down phase since the Wednesday-Thursday overnight session. The December 9 high is cleared, and short term resistance seems set at 3717. If they go through that, this thing could go explosively higher.

If they don’t, then I’d watch that rising trend support now at 3710 and 3705. Odds are that if those aren’t broken, the upside breakout will come this afternoon.


People get all hung up on valuations and the Fed, and the outrageousness of a completely rigged market. But the fact is that if you simply do the most basic technical analysis, i.e. support and resistance levels, and trendlines, you make money. Rule Number Two is always true. The trend is your friend. Don’t fight the tape.

And Rule Number One goes without saying. Don’t fight the Fed.

Please join me and have some fun at Capitalstool.

From Monday-  Try Try Again, Extended Market Hits Long Term Resistance Trend

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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