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One Stupid Trendline 6/30/21

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

That’s how many they broke here in the wee hours approaching 6 AM NY time. They came down to two channel lines converging at 4270 and the plunge stopped on a dime right there. Trading algos know where the trendlines are.

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Now if they drop below 4267, then there’s a little air down to the base breakout line at 4257. Indicators are weakening still, so there’s a good chance that will happen.

Also a good chance that it won’t. WTF do I know? I’ll wait for the market to turn thumbs up or thumbs down. As for a bullish re-signal my guess is that if they clear 4283, they’ll make new highs later today.

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