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Downtrend Broken, But Wait! There’s More! 9/30/21

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.

The ES fucutures edged through the top of the 5 day downtrend channel at around 2 AM this morning New York Time, but they didn’t get far. They ran into resistance at the 38.2 fiber nacho line of the previous decline. As of 4:45 AM ET, the futures are back to the downtrend line that they broke nearly 3 hours ago.

The number to watch on the upside 4399. If they get through that however, it’s still not quite clear sailing. They could bump their head and recoil from 4305.

Under 4377,  bears should be in control.

Hourly oscillators are iffy, particularly momentum, which is the middle one.

A 5 day cycle projection of 4390-95 for the up phase was hit.

Click here for the longer term big picture.

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This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.comView original post.

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Meanwhile, for your longer term infotainment and edification:

Bond Market Bloodbath Gets A Head Start

The Ugh Market

Liquidity Matters, The Fed’s BS Doesn’t

Get Ready for the Coming Bond Market Bloodbath

When Hope Is Not a Good Thing

Useless Banking Indicators Except for One Giant Red Flag

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