DrStool Posted September 4, 2020 Report Share Posted September 4, 2020 While I think that yesterday was a warning shot across the bow, I'm voting twice in favor of it being yet another BTFD moment. I'll take a deeper look at the big picture in this weekend's Technical Trader, which you can try risk free for 90 days if you are not now nor have ever been a member of our party. Meanwhile, here's the hourly chart view. First of note is that as usual they bought the double bottom last night and rallied 42 points from there, but only to uptrend line resistance. Those lines are around 3475 at 5 AM ET. If they manage to clear those, the next target would be the newly established downtrend channel line currently at 3500, descending to around 3465 as of the NY close at 4 PM ET. It's too soon for a 2-3 day or 5 day cycle projection. To keep things in perspective, here's the daily. A pullback to as low as 3375 or so would still be a normal pullback to a breakout point from a bullish perspective. To change that, the decline would need to break down below that area, where the February top was on the ES. Link to comment Share on other sites More sharing options...
DrStool Posted September 4, 2020 Author Report Share Posted September 4, 2020 Now 60 points off the low. Link to comment Share on other sites More sharing options...
DrStool Posted September 4, 2020 Author Report Share Posted September 4, 2020 Nice repulsion from the trendline area. 30 minute bars. Link to comment Share on other sites More sharing options...
jp6 Posted September 4, 2020 Report Share Posted September 4, 2020 Just now, jp6 said: M Type Bottom if that fails then Get ready for the wheels to fall off. Most likely M type bottom then Final high. Link to comment Share on other sites More sharing options...
jp6 Posted September 4, 2020 Report Share Posted September 4, 2020 Link to comment Share on other sites More sharing options...
DrStool Posted September 4, 2020 Author Report Share Posted September 4, 2020 Wow. Back down the shitter. Alrighty then. Heading out for the afternoon. Absolutely gorgeous day here in Zagreb. 75 degrees and sunny. What else is new. Will check in later. Link to comment Share on other sites More sharing options...
DrStool Posted September 4, 2020 Author Report Share Posted September 4, 2020 Shit only happens when I'm gone. Link to comment Share on other sites More sharing options...
jp6 Posted September 4, 2020 Report Share Posted September 4, 2020 Bulls need to use your cash and buy the Dip Buying the Dip will always work or If it doesn't wheels will fall off. Link to comment Share on other sites More sharing options...
potatohead Posted September 4, 2020 Report Share Posted September 4, 2020 13 minutes ago, DrStool said: Shit only happens when I'm gone. sacrificies have to be made... Link to comment Share on other sites More sharing options...
DrStool Posted September 4, 2020 Author Report Share Posted September 4, 2020 If this break sticks, I'll be shocked. I did not see sufficient technical warning for a major reversal. Link to comment Share on other sites More sharing options...
jp6 Posted September 4, 2020 Report Share Posted September 4, 2020 Bond is also selling. Dollar is bouncing Double whammy for 60/40 portfolio. Link to comment Share on other sites More sharing options...
DrStool Posted September 4, 2020 Author Report Share Posted September 4, 2020 At 3360, this is serious technical damage. Any lower and it will move from serious damage to serious, serious damage. Link to comment Share on other sites More sharing options...
jp6 Posted September 4, 2020 Report Share Posted September 4, 2020 Panic buying is followed by panic selling. What will fed do if Bond , Stocks selloff at same time with Dollar panic buying? Link to comment Share on other sites More sharing options...
jp6 Posted September 4, 2020 Report Share Posted September 4, 2020 Link to comment Share on other sites More sharing options...
PullMyFinger Posted September 4, 2020 Report Share Posted September 4, 2020 36 minutes ago, DrStool said: At 3360, this is serious technical damage. Any lower and it will move from serious damage to serious, serious damage. First thing I thought of when I read this. Mrs. Finger is right, I really need to grow up some day. Maybe tomorrow. 🙂 Link to comment Share on other sites More sharing options...
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