DrStool Posted December 7, 2020 Report Share Posted December 7, 2020 Will today be another Day of Infamy in the market. When Europe opened, it walked away from Friday's gains in New York and went right back to where it left off trading the ES fucutures when Europe's trading day ended. Apparently, they don't think too much of the US market. Or maybe they just don't think that 3700 is such a lucky number. But it's only 4:20 in the morning in New York, so this doesn't mean much, if anything. So far, it's just a pullback to the trendline at 3672, followed by a slight bounce. There's a 2-3 day cycle projection of 3670. There's also a price objective at that level from the breakdown of the nice little head and shoulders top that formed between Friday afternoon and the wee hours this morning. Hourly indicators are on the sell side, so there should be another test if not a trend break, and continued pullback to the next support level at 3668 or 3658. Momentum is slightly negative, and the two cycle oscillators based on MACD and True Strength Index are both still above zero, which means that the larger uptrend remains in force for now. 30 minute indicators have pulled back to the level where the market bottomed on a similar looking pullback on December 1. If this holds, look for another big rally later today. If they break it, I would guess that we'd get a trading range between the 3660 and 3690 areas for a little while. Click to engorge. For the big picture: Confuse Us Say: When River Flow Uphill, Bear Must Float Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 30 minute indicators are on the cusp. Could flip to buy side here or turn lower. From this level, that would signal a sharp decline. Make up your minds gurlz! Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 So far this morning, a normal return to the scene of the crime pattern. But If price goes above 3693, the Head and Shoulders pattern is broken. Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 I'm old enough to remember when 100 points was a big move in the Dow. Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 Actually, I'm old enough to remember when 10 points was a big move in the Dow. Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 Bottom of hourly channel here. Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 2:30 turn time is here. Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 Does anyone here have ED? Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 Morning Viagra worked only until about 11:30. Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 Looks like ED got in the medicine cabinet again. Link to comment Share on other sites More sharing options...
DrStool Posted December 7, 2020 Author Report Share Posted December 7, 2020 And somebody gave DPZ the finger today. Link to comment Share on other sites More sharing options...
FranciscoTheMan Posted December 7, 2020 Report Share Posted December 7, 2020 Uber announces placement of $1B in convertible notes. Bullish! Link to comment Share on other sites More sharing options...
MisFit Kid Posted December 7, 2020 Report Share Posted December 7, 2020 1 hour ago, DrStool said: Does anyone here have ED? I have it on a watch list...... Another of my lists that does not have TSLA on it...... Link to comment Share on other sites More sharing options...
MisFit Kid Posted December 7, 2020 Report Share Posted December 7, 2020 47 minutes ago, FranciscoTheMan said: Uber announces placement of $1B in convertible notes. Bullish! megabullish, magabullish, superbullish, ultrabullish, stubadbullish.......... nope, nyet, nein......it is überbullish....... Link to comment Share on other sites More sharing options...
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