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Drive for 35 10/8/20

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It sure feels as though the S&P is headed for the 3500 level again over the next few days. But the hourly chart of the ES fucutures shows that there are obstacles in the way. 

The first of these is right here in the 3433 vicinity as of 3:15 AM ET. Then there's 3445-3450.

These are the resistance levels where we'd look for this surge to end today or tomorrow.  

tvc_a101ceeaadc00100fa196e98301ae2ac.png

The 2-3 day cycle projection is 3450, implying that they'll get to the uppermost trend resistance line. 

Bears would need to reclaim a sub 3420 reading to have a chance of getting anything sustainable going to the downside. 

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The ES did indeed pull back from the first resistance level and reclaim sub 3450. But they immediately retraced to that line.

Liquidity moves markets!

Follow the money. Find the profits! 

Dare I say that this level now looks pivotal? The 2-3 day cycle projection still points to 3420, and hourly cycle indicators have not yet flashed clear sell signals.

tvc_8d2f21064ebf65c502d2ce73f1262161.png

 

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Going through my screening output, just an overwhelming preponderance of bullish charts. It's disheartening. 

I think that petro stocks look like they're turning.  

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Couple of stocks that came up in the screens a week or so ago have absolutely exploded upward this week.  

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41 minutes ago, DrStool said:

I think that petro stocks look like they're turning.  

Eh. Not so sure. Could be rangebound noise. But let's keep it on the radar. 

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WHAT IS THE FED

The FED is fundamentally a  "Leverage Dealer"

When the party is over the Fed comes along and offers free leverage ot all the leverage junkies to keep the party going.

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Today must be opposite day. I bought the slight pullback this morning.  Got a couple picked off by usual triggers with offsetting gains and losses. But I have one long that's been going up at a 45 degree angle and hasn't violated my trigger line since I entered at 9:45. Is that what it feels like to be a bull? It's kinda like watching porn. It feels good but I feel a little slimy.   

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