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In Conclusion, Inconclusive 11/20/20

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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
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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.

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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. 

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