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Bear Beatings to Continue Until Morale Improves 5/14/21

This is a syndicated repost courtesy of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Reposted with permission.

When we look at the 2 hour bars on the ES S&P fucutures we can interpret it in two ways. The market is not attacking a zone of massive impenetrable overhead supply, AKA resistance.

Or the market is entering a zone that has been crossed over and cleaned out so many times in the past month that it will fly through it like it’s thin air. I wouldn’t call it a vacuum, because then it couldn’t fly. Unless you were rocket propelled, in which case, you would.

Got that?

Good.

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Of course, what I just told you is meaningless drivel. But the 5 day cycle projection is 4160. And if they get through that, it would complete a nice bottoming pattern that would have a conventional measuring implication of 4240. That’s arithmetic and geometry. And I am Pablo Picasso.

Hourlytvc_1c36787b7e3dca30beb2626dea16f586.png

By the way, the cycle oscillators on the 2 hour bars say we’re definitely going higher. The indicators on the hourly are saying, WTF do I know.

Actually, indicators don’t talk. Buy psychotic technical anal cysts think they’re talking to them. Sick people who need to be institutionalized because they won’t take their meds otherwise.

This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.comView original post.If you are a new visitor, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

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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