Jump to content

The Charts are Scary Bullish 10/9/20

Rate this topic


Recommended Posts

Going through my stock screens this morning, I was shocked at how bullish the output was. Chart after chart. Sells were few and far between.  

I think we're going to have to grit our teeth for awhile. But this isn't a surprise. We knew for a couple months that the liquidity outlook for October was very bullish. 

Last night, I left you with the 5 day cycle projection on the ES fucutures of 3485. Overnight they got to 3459. Now the 5 day cycle projection is 3500. Lordy, lordy. 

As I write at 4:35 AM ET, they're sitting on an uptrend channel line at 3449. As of 9:30 AM the line will be at 3460. Gotta break that for any hope of a reversal. Uptrending resistance is now around 3459, 3470-75. If they clear those consider 3500 a done deal.

I'll be trading from the long side again today unless something radical happens. 

I caught that one breakout yesterday, and spent the rest of the day floundering, dipping toes in the water. The sharks bit them off. 

Later!
 

tvc_fe9e1f49a06f5df94f8e41d1b570ce6b.png

 

 

 

  • Like 1
Link to post
Share on other sites
  • Replies 8
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Going through my stock screens this morning, I was shocked at how bullish the output was. Chart after chart. Sells were few and far between.   I think we're going to have to grit our teeth for aw

Getting bullish signals on tons of interest sensitive stuff. I don't understand that, but it is what it is. 

Getting bullish signals on tons of interest sensitive stuff. I don't understand that, but it is what it is. 

  • Like 1
Link to post
Share on other sites

The funny thing about the two day circle jerk about stimulus is that McConnell says he isn't going to bring a bill to the floor because many GOP Senators won't vote yes for it. So no stimulus is coming. If the GOP holds the Senate there may never be if Buden wins. If Trump 'wins' I expect endless trillons.

 

This was documented at the top of the NY Times page all day Friday. 

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    No registered users viewing this page.

  • ×
    • Create New...