Jump to content
Sign in to follow this  
DrStool

3 Day Cycle Low 7/14/20

Rate this topic

Recommended Posts

The market seems to have made a 3 day cycle low at the bell yesterday, testing it in the wee hours, around 4 AM in NY. The ES have rallied back to the top of an apparent channel. This is where push comes to shove. 

The up phase may die here leading to another leg down to a 5 day cycle low later today or tomorrow, currently projected around 3125. Or it could break the downtrend with an hourly bar closing 3161 now or 3157 in the next hour. That trendline drops at a rate of about 4 PPH.  

If they clear that, the next obstacle is the top of a flattish uptrend channel at 3164. If that holds, then another plunge like yesterday's would be possible, if not likely over the next couple of days.

We're at a fulcrum here, so stay tuned. 

tvc_7eb86558d798099217e7297327e4fbca.png

Share this post


Link to post
Share on other sites

A downtrend channel using the lows with a paralell upper bound is intact. 

tvc_4018d2c042ce30b228cb1a05965e512b.png

Share this post


Link to post
Share on other sites

SPX is trading within the box. Not going to break out or break down for now.

 

super box.png

Share this post


Link to post
Share on other sites

The downtrend channel was broken by the price moving sideways. This is not usually bullish. The ES would now need to clear 3166 for a bullish signal.

Share this post


Link to post
Share on other sites

ES needs to clear 3160 to avoid a crash later today. 

tvc_4c87076e960e2f6a95c8301f85f6bfb8.png

Share this post


Link to post
Share on other sites

Breakout fakeout.  

Share this post


Link to post
Share on other sites

I say we crash today. 

Share this post


Link to post
Share on other sites

It was time

for a rhyme. 

Share this post


Link to post
Share on other sites

We'll remember

in September. 

Share this post


Link to post
Share on other sites

Hourly oscillators now in bullish patterns. ES needs to clear 3166 for the up phase to get legs. Then has clearance to 3185. 

 

tvc_1187b7dc1a45ef1f9dab5b10f2a198dc.png

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Al E. Greenspeuman designer line at Stoolmart. Get yours today! Click here now!

    Support your local Stool Board.

  • Market Data

×
×
  • Create New...