DrStool Posted September 17, 2020 Report Share Posted September 17, 2020 So far, it's just a triple bottom, and nobody knows whether it breaks or it holds. But if you look closely, if it holds here, it's 3 higher lows on the ES. So unless they take out 3309, nothing has happened yet. It's just a downtrend within an uptrend within a downtrend within a flat trend. In other words another garden variety bubble consolidation where the dealers are shaking the trees to pick up the low hanging fruit to replenish their depleted long inventory. Link to comment Share on other sites More sharing options...
DrStool Posted September 17, 2020 Author Report Share Posted September 17, 2020 Call me jaded in my old age, but this looks bullish. Fractionally higher low. 5 day cycle projection of 3315 done. Dover sole indicators in position for upturns. That said, if the rally fails, and they subsequently take out these lows, it's going to be beautiful. Link to comment Share on other sites More sharing options...
DrStool Posted September 17, 2020 Author Report Share Posted September 17, 2020 This could be problematic. Link to comment Share on other sites More sharing options...
Jorma Posted September 17, 2020 Report Share Posted September 17, 2020 Ideally the market will sell off today and tomorrow and on Monday a new stimulus package will appear out of the Senate. Link to comment Share on other sites More sharing options...
DrStool Posted September 17, 2020 Author Report Share Posted September 17, 2020 The selloff looks done. Watch this little triangle since overnight. If it breaks out topside, it will recover in a flash. Link to comment Share on other sites More sharing options...
DrStool Posted September 17, 2020 Author Report Share Posted September 17, 2020 I think I mentioned yesterday the short signal I had gotten on JPM this week? Opened on a gap down. There's trouble in River City. Link to comment Share on other sites More sharing options...
PullMyFinger Posted September 17, 2020 Report Share Posted September 17, 2020 😡 Bear suck-in, or not? Came close to the 4/8 line. Let's see if it holds up any better than the Maginot Line. Is there a 12-step program for bears? Link to comment Share on other sites More sharing options...
PullMyFinger Posted September 17, 2020 Report Share Posted September 17, 2020 That 11/8 drop off yesterday's high was a thing of beauty, though. Just perfect. Gotta break down thru the -2/8 line at 3300-ish to enter into a larger trading octave. Link to comment Share on other sites More sharing options...
FranciscoTheMan Posted September 17, 2020 Report Share Posted September 17, 2020 Nasdaq whistling a different tune ... Link to comment Share on other sites More sharing options...
DrStool Posted September 17, 2020 Author Report Share Posted September 17, 2020 Helluva double bottom on the Nads. Link to comment Share on other sites More sharing options...
DrStool Posted September 17, 2020 Author Report Share Posted September 17, 2020 2 resistance lines at 3364. Drove em back on first try. Link to comment Share on other sites More sharing options...
PullMyFinger Posted September 17, 2020 Report Share Posted September 17, 2020 10 minutes ago, DrStool said: 2 resistance lines at 3364. Drove em back on first try. Also 50% retracement level of yesterday's high to overnight low. Link to comment Share on other sites More sharing options...
Jimi Posted September 17, 2020 Report Share Posted September 17, 2020 Quote Posted August 26 My understanding - or, misunderstanding - is that the lumber mills massively reduced capacity/inventory in spring in anticipation of leaner times and diminished demand. But then... funny story. The US gubmint incurred trillions of dollars in debt, and demand for lumber remained robust. So, if you are going to point to lumber price as an inflation indicator, please be prepared to do so again in 6 & 12 months' time.... That is, when mill-capacity & demand re-equilibriate. https://www.constructiondive.com/news/lumber-prices-soar-due-to-shutdowns-higher-demand/583899/ ...or after a couple of weeks. Link to comment Share on other sites More sharing options...
DrStool Posted September 17, 2020 Author Report Share Posted September 17, 2020 That could be us. Link to comment Share on other sites More sharing options...
Jimi Posted September 17, 2020 Report Share Posted September 17, 2020 We could be they. Link to comment Share on other sites More sharing options...
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