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The Relentlessness of a Relentlessly Rigged Market 7/2/21

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.

Last night when I closed up shop, the 5 day cycle projection on the ES fucutures was pointed to 4327. After all the action in Asia and 4 hours of EU trading we’re looking at a projection of 4320, with a high of 4318 overnight.  We saw the ES also hit the first objective of the reverse head and shoulders breakout of 4315. The second of 4350 is still out there, and eminently doable.

The ES also cleared multiple trendlines at 4310 and is perched just above them at 7 AM in NY. If it reverses during regular trading there’s a chance this could be a short duration top. But if it begins to create separation, those lines will then become a spport level. Just line the top of the megaphone pattern that ES just cleared.

Relentless.

The next trend resistance lines are around 4318-4320, rising, of course. If cleared, the next would be at 4330.

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Approaching the NY open, the one day loop looks primed to turn up. Today is jobs day. The tax data says that employment increased sharply in June, but the BLS jobs survey first guess is garbage. They’re number will be whatever they want it to be for now. They’ll revise it toward actual little by little over the next year. Of course, traders only pay attention to the first wild guess release.

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In case you’ve missed my recent posts, I’m traveling. Today I’m doing the tourist thing in the beautiful center of Ljubljana Slovenia, where I’m stopping for a few days. I wrote yesterday:

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But at the same time, I’m excited to see Ljubljana, Lake Bled, Bratislava, Vienna, Krakow, and Auschwitz–with a degree of dread, of course–on my way to Warsaw for a month. That will be my base for my ancestral research. I will visit the hometowns and birthplaces of my maternal grandparents, and look for evidence of earlier ancestors and possibly cousins who stayed behind and perished at the hands of the Nazis.

Towards the end of summer into mid September, I’m planning a swing through southern Poland, Czechia, Germany, and the northern Polish seacoast. The trip as planned so far will include Zakopane a resort town in the southern mountains, where my friend has a condo, then Prague, Nuremburg, Leipzig, Dresden, Wroclaw (pronounced Vroetzwaf!), then north to the Baltic coast to the Tri-cities of Gdansk (pronounced Gdoinsk sort of😁), Gdynia, and Sopot.

It’s an ambitious itinerary, but I love the nomadic lifestyle of exploration and discovery.

I’ll take a little break from regular publishing over the this Fourth of July weekend, but expect to maintain a fairly regular schedule other than that. The great thing about living in Europe, while serving an American market, is the 30 hour days. So I have time for both work and play. Just not for sleep. 😄

 

If you’re interested, you can follow my photos at https://www.instagram.com/200daysineurope/

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