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The Relentlessness of a Relentlessly Rigged Market 7/2/21

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Last night when I closed up shop, the 5 day cycle projection on the ES fucutures was pointed to 4327. After all the action in Asia and 4 hours of EU trading we're looking at a projection of 4320, with a high of 4318 overnight.  We saw the ES also hit the first objective of the reverse head and shoulders breakout of 4315. The second of 4350 is still out there, and eminently doable. 

The ES also cleared multiple trendlines at 4310 and is perched just above them at 7 AM in NY. If it reverses during regular trading there's a chance this could be a short duration top. But if it begins to create separation, those lines will then become a spport level. Just like the top of the megaphone pattern that ES just cleared. 

Relentless. 

The next trend resistance lines are around 4318-4320, rising, of course. If cleared, the next would be at 4330. 

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Approaching the NY open, the one day loop looks primed to turn up. Today is jobs day. The tax data says that employment increased sharply in June, but the BLS jobs survey first guess is garbage. Their number will be whatever they want it to be for now. They'll revise it toward actual little by little over the next year. Of course, traders only pay attention to the first wild guess release.  

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In case you've missed my recent posts, I'm traveling. Today I'm doing the tourist thing in the beautiful center of Ljubljana Slovenia, where I'm stopping for a few days. I wrote yesterday:

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But at the same time, I'm excited to see Ljubljana, Lake Bled, Bratislava, Vienna, Krakow, and Auschwitz--with a degree of dread, of course--on my way to Warsaw for a month. That will be my base for my ancestral research. I will visit the hometowns and birthplaces of my maternal grandparents, and look for evidence of earlier ancestors and possibly cousins who stayed behind and perished at the hands of the Nazis. 

Towards the end of summer into mid September, I'm planning a swing through southern Poland, Czechia, Germany, and the northern Polish seacoast. The trip as planned so far will include Zakopane a resort town in the southern mountains, where my friend has a condo, then Prague, Nuremburg, Leipzig, Dresden, Wroclaw (pronounced Vroetzwaf!), then north to the Baltic coast to the Tri-cities of Gdansk (pronounced Gdoinsk sort of😁), Gdynia, and Sopot.

It's an ambitious itinerary, but I love the nomadic lifestyle of exploration and discovery. 

I'll take a little break from regular publishing over the this Fourth of July weekend, but expect to maintain a fairly regular schedule other than that. The great thing about living in Europe, while serving an American market, is the 30 hour days. So I have time for both work and play. Just not for sleep. 😄 

 

If you're interested, you can follow my photos at https://www.instagram.com/200daysineurope/

Meanwhile,

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Just returned from a great walk around this beautiful city.  I said we'd probably get to 4350, but didn't expect it all today. Next resistance concentration 4346-47. And the 5 day cycle projection is now 4350. 

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I think we'll get there, then take a dive into the bell as the long side day traders take cover going into the bell. 

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But by then, I'll be out having a vodka rocks at one of the bustling local watering holes. 

Seriously, this town rocks. 

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It’s just horror-show to think about how this  all resolves. If there were LEAP calls on pitchforks, torches & guillotines, I’d buy ‘em way out of the money here. 

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Happy Fifth! 

Friday, they got to within 4 points of the max measured move price objective of 4350. If you go by the upper line of the megaphone, then the target would be 4460. 

Probably not today though. 

The market is closed. 

Today I'm leaving gorgeous Ljubljana, heading for Bratislava, which I hear is also quite beautiful. 6 1/2 hours by bus. Ugh.  

Latest photos of Ljubljana- This is a very chill place to hang out at the crossroads of Western and Eastern Europe. Just a fantastic vibe! I grabbed this shot yesterday afternoon around 4 PM.  

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by Lee Adler (@200daysineurope)

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