Menu Close

Downtrend Day Ten 9/15/21

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.

OK. I cheated. That’s counting the weekend. Was there an up day yesterday. Sure can’t tell that from the hourly chart. And as of 5:45 AM in New York, the price of the ES, S&P futures, has reached a critical juncture.

That juncture is the price bumping up against that downtrend channel line currently around 4458. If it doesn’t clear that, bears are likely to be in for a very good day. Bulls, not so much.

tvc_eca79b75f5444fe0c4485bc324f025d1.png

On the other hand, if they manage to clear that trendline, which will be at about 4455 at the NY open, then the bulls have a shot to make today a good day for them, bad day for bears. But they’d still face the challenge of the top of the bigger downtrend channel. That will be around 4491 at the open. It converges with a flat resistance level there as well. If it rolls over there, the shape of the pullback will suggest who wins the next round of intraday swings. For the big picture short, intermediate, and long term outlook, click here, and join, risk free.

Lest we forget, it’s that time of the month. Fed MBS settlement week coming. I’ll post an update on that at Liquidity Trader later today.
If you are a new visitor to the Stool, 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.

Meanwhile, for your educational infotainment and edification:

Lots of Sell Signals Again From Friday’s Swing Trade Screen

Constructive Signs for Gold Digging

Nothing Has Happened Yet

Useless Banking Indicators Except for One Giant Red Flag

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share