DrStool Posted November 20, 2020 Report Share Posted November 20, 2020 I'll reach a conclusion when the market does. For now, the ES fucutures have a 2-3 day cycle projection of 3582. Done. It's forming a triangle pattern-- higher lows and lower highs-- the epitome of inconclusiveness. We've been rangebound for 10 days since th Pfizer pfizzle. The 5 day cycle projection tentatively looks 3595. Thatn would break the triangle but it won't break the range. And the cycle high is ideally due today. There's been a narrower range over the past couple of dyas that looks like a base. If they clear that, the conventional measured move target would be 3605. Still far from a breakout. On the way up look for resistance around 3585, 3592, and trend resistance rising from 3598 to 3600 going into the NY open. Support is suggested around 3560-64, 3555, 3550, and 3540. Any trading between 3540 and 3585 is likely to be messy and inconclusive--a meat grinder best avoided. Once beyond that range we could get a decent, tradeable move. Click to engorge On 11/20/20, we have no 20/20. But for a clear view of the longer term, and stock chart picks for playing them, get Lee Adler's Liquidity Trader Technical Trader reports weekly. 90 day risk free trial. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 are they setting up another downtrend channel? Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Bottom of channel. Busted. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Fakeout shakeout. Take em up, boyz. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Lower channel test again. Either very bullish or very bearish, or neutral. Has to be one of the three. But seriously, this is a classic bearish pattern. It's supposed to break down into a downtrend. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Trickle out the tip kind of day. The chart triangle, of course. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 OK. THat's a breakdown. Next shport 3560. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Next shport 3557 and 3552. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Can always count on the shorts to save the day for the bulls. Link to comment Share on other sites More sharing options...
Jorma Posted November 20, 2020 Report Share Posted November 20, 2020 The engines are just idling right now. As long as there isn't violence I can't see assets deflating. Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Since when is violence bearish? Link to comment Share on other sites More sharing options...
DrStool Posted November 20, 2020 Author Report Share Posted November 20, 2020 Ugly red bar after the bell. But no break of 3540. The big new red channel held. Have a great weak end. From Zadar, Good night and good luck. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.