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The Trading Range from Hell 11/24/20


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Anyone who has traded this market successfully since Pfizer Day is a genius. 

I am not a genius. 

The 5 day cycle projection on the ES is currently pointed at 3603, done, but this could ratchet higher. A couple of trend channel resistance lines are vectoring toward 3625 at around 1 PM New York time. That's a reasonably likely target if the current mini pullback here at 3 AM ET, holds in the 3600 area.

If that doesn't hold, the key support line remains 3586, around which all life on earth, and indeed the future of the universe itself, revolves and depends. 

tvc_945294105d7562227d307b9bb0e6bb57.png

 

Meanwhile, the 2-3 day cycle projection points to 3635. Pipe that in your put and smoke it. 

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Munchin says he is putting the unspent CARES Act money back in the Treasury General Account at the end of the year.. Those are the exact words I read. But where are they now?  Do you know Lee?  Do agencies have their own segregated accounts? 

So is the appx. $500 billion 'returned' going to put the Treasury General Account at $2TN?  Why and WTF for?  Also, why borrow another $150bn by Dec.1?   Inertia?

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