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Double Secret Resistance Cleared. Next Sop, 4600 10/26/21

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, that was a typo, but I liked it and decided to go with it. 😁

If you don’t think bears are in trouble here. Think again. I’ll start with a 5 hour bar chart on the S&P bear fucutures. This high base breakout has a measured move target of 4800.

The good news is that I don’t think it will get there today.

The bad news is that the last line of defense is 4605. That’s the last double secret resistance area. Beyond that abandon hope, all ye and youses who enter here. The gates of bear hell are open.  tvc_0b17b05116a3d65071577c56bf973e9d.png

 

So let’s downshift to the hourly bars. The 5 day cycle projection is 4590. But the way is clear to 4600. Should get a pullback from somewhere around there, but sport is coming up fast. They would need to break 4575 to get anything at all going on the downside.

tvc_e160789490de586aa4435a64db8048ef.png

This is just the intraday look. For more:

Stocks Look Ready for Another Liftoff

More Sells Than Buys in Screen, But I Added Two Buys This Week

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