Menu Close

Coordinated Intervention, Meet Sellers 9/27/22

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.

It looked like a coordinated intervention in Europe this morning, starting around 9 AM Central European time, which is 3 AM in New York. They ramped it pretty good until the ES S&P 500 24 hour fuguetures ran into resistance right at the top of the range of the last two days.  Magically, sellers appeared.

I remarked yesterday that Friday’s late low looked like a 5 day cycle low and that we should expect a little pop and churn for a couple of days. So far, that looks like a good call. And if they can’t take out the high, when the ultimately take out the low later today, it’s gonna be ugly.  For starters, they’d need to take out 3665, and then take out the low at 3645. That would really get the ball rolling downhill.

z1y-6

How far down is down? Talking about the next day or two only here, a projection derived from the 5 hour bars suggests 3500.  On the other hand, if they break through the top of this range at 3715, the next upside target would only be 3750.

Again, just from a day trading perspective.

Meanwhile, back at the big picture:

If you’re serious about the underlying forces of supply and demand that drive the markets, join me!

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.

Join the conversation and have a little fun at Capitalstool.com. 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.

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