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We Face Another Bounce 3/8/22

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.

After plunging through most of the night, the ES S&P futures staged a spike rally beginning at 3 AM in New York, 9 AM in Europe, when markets opened here. That rally has still left the futures in a steep downtrend. The rally faces multiple resistance lines 4220-4230 that it would need to clear to get anything sustainable going on the upside. And by sustainable, I mean, all day.

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When we zoom out to the 5 hour bars for the past few weeks we see the sadness of this trend, along with a repeating pattern. Do we get another 2 day rally here?

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I’m in the process of updating the Gold Trader Report. That should be posted around 7 AM NY time.  We’re doing very well there indeed, but it’s hard to be happy about it.

Meanwhile, the big picture:

Fewer Picks Remain But Still 100% Short, With Gains

Why I Don’t Care that Short Term Indicators Are Bullish

Withholding Tax Surge in February was All Inflation

Gold Consolidates, More Upside Ahead

Liquidity With Eyes Glued to Ukraine

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