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Stuck in the Middle With You Rerun – 11/31/23

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.

Here we go again. Groundhog Day. The end of history. Over and over again they keep saying it’s the end. But I say they’re wrong. We’re just at the dawn of correction. For every season, there’s a reason. Blah blah.

Ah, the caca-phony of Wall Street talking heads. None of it makes any sense. They’re all wildly bullish on bonds now. And we’re supposed to come piling in to take their inventory on which their choking.

Meanwhile, the range of major resistance on the S&P 500 is 4540-4600 give or take a few points. The middle of that range is 4570.

Which is right about where the damn thing is again this morning. Is today the day they finally stop playing the reruns? I don’t see it. And while my longer term analysis supported an upside breakout, that could be going up in smoke. One of my most reliable secret sentiment indicators has turned firmly bearish.

So we’ll see. We don’t know and neither do they.

In the very short run, there’s a 2-3 day cycle projection of 4585 that supports a test of this week’s high on the ES, 24 hour S&P futures chart. But the hourly oscillators are now in a pause. A little more of a pullback here today would trigger a sell signal from the neutral zone, which is usually a reliable bearish signal. But if they hold it together at 4568 this morning, then we could see a blastoff toward that test of the high, with the hourly oscillators moving back up to their usual maximum upside extensions.

So, as I write at 6:25 AM ET, we are at yet another infartion point.

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My daily swing trade stock screens are still producing a preponderance of buy signals. The numbers are small but there are very few sell signals. Today was 76 to 25 in favor of buys, out of a universe of 1330 screened charts. Using the second signal in the last week criteria the edge was 31 to 4. Many are rangebound whipsaw signals. Hard to find good setups, but definitely fewer on the sell side.

For moron the markets, see:

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