Amazing Base

Originally posted at Capitalstool – The Stool Pigeons Wire.

The uptrend got bent the past couple of days. But it didn’t break. Last night it broke out of that Amazing Base, after New York closed. I mean you can’t help but be in awe.

AMAZING BASE!

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You can thank me for the earworm too.

As you can see, at 6:15 AM ET, and 12:15 CET here where I am in Europe, we’ve had a little pullback from the overnight peak of 4093 on the fucutures. But the trend is very much intact. The lower channel trendline is at 4075 this hour, rising to 4078, at the open in New York. The bulls are still very much in charge if we’re above that line.

And I wouldn’t expect any significant decline as long as that Amazing Base is intact. Talk to me if and when they break the bottom of the Amazing Base at 4055.

How many poodits were forecasting 4000 on the S&P 6 months ago, and 4100 back last December?

  Quote

Updated long term cycle projections as of October 26, 2020 show targets centered on the 3900- 4000 area on the SPX, due as early as this December for the 2 year cycle, and 2021-22 on the 3-4 year cycle

Lee Adler’s Technical Trader, October 26, 2020

  Quote

The 10-12 month cycle now appears to be in trending mode, with a new projection of 4150, which is up from a previous projection of 4100 in early  November. Lee Adler’s Technical Trader, December 6, 2020

Not too many, I bet. You want to know where the projections point now? Join me!

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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