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Lower Lows and Lower Highs for 500, Alex – 9/7/22

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.

The S&P 500, as shown on the ES futures 24 hour chart, has relentlessly been making lower lows and lower highs on a cycle averaging around 3.75 days. A low is due now, suggesting an upswing for most of the day today. The cycle now ending hasn’t been as weak as the two prior ones, so they might pop it through the downtrend. The key trendline will be around 3913 in the first half hour of NY regular trading. To really get things going on the upside, the ES would then need to clear 3920. That should give it enough pop to get to yesterday’s triple top at 3960. And if they got through that, then a challenge of the high of the last cycle made last Friday at 4018.6 would be in order.

But let’s not get ahead of ourselves. There’s still an unmet 5 day cycle projection of approximately 3855. That will remain on the table until the downtrend is broken. If they break the overnight low of 3883.8, then I’d be looking for that to happen.

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I’ve been visiting the gorgeous city of Lyon the past two days. Excluding Paris, which is in a world of its own, Lyon for me is tied with Lisbon as the most beautiful big city that I have enjoyed in Europe. Today, it’s on to Paris for a couple of days.

I will post the Gold Trader report before New York opens.

This is just the very short term stuff. For the big picture check out the posts below.

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