DrStool Posted August 20, 2021 Report Share Posted August 20, 2021 Yesterday at one point the 5 day cycle projection was 4420. Nailed it. Then the projection got to 4440. That was probably my brown sunglasses talking. 4420 turned out to be it. In the overnight session so far, the ES S&P 500 futures pulled back to an exact 61.8% retracement of yesterday's rally. And I mean exact. There the pullback stopped at around 3 AM in NY, and as I write an hour later, they've rebounded. So, what next. The minute direction is still down unless and until they clear the trendline now around 4400. That line will be at 4395 when New York opens later this morning. There are no projections yet on either the 5 day or the 2-3 day cycle. We need a few more bars. If the pullback resumes and breaks 4385, then a full retest of the low would be likely. At that point the hourly cycle and momentum oscillators would still be in positive divergences. That would be a good setup for a low and a launch, a nice W bottom. Only if that fizzles at a lower high would lower lows then be likely today or Monday. And in the bigger picture, this week's selloff was almost an exact 50% retracement of the July 19-August 16 rally. Funny how that works. Here it is on 2 hour bars. And now for your longer term listening and dining pleasure: Chart Picks – 25 Buy Signals and 41 Sell Signals Give Us These Picks Gold’s Rebound Increases the Risk So You Really Think the Fed Can Taper? Here Are the Stock Market’s Latest Targets If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 I presented a few facts in response to this post. Context is necessary when presented with the ignorance of economists. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 1/2 hour into pre market trading, and an hour before regular trading, the fucutures are in a ready-for-anything setup. The effective range is now 4377 to 4395. Should get a decent move from a breakout either way. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 My office at the moment. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 The end of summer comes early and fast here at 52 degrees latitude North. Highs this week in the low 70s. Next week, mid 60s. And nothing higher in sight in September, says Accuweather. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 To put that in a North American context, it's about 200 miles north of Calgary, Canada. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 Futures just broke the downtrend. Next challenge will be 4404. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 5 hours ago, DrStool said: That would be a good setup for a low and a launch, a nice W bottom. Uh huh. Yes. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 A bit too early for a 5 day cycle projection but the 2-3 day looks like 4440 again. Link to comment Share on other sites More sharing options...
PullMyFinger Posted August 20, 2021 Report Share Posted August 20, 2021 It's Christmas in August for the bulls this morning. If it's Friday, I guess it's gotta be Flo-Bot. Where's MisFit Kid? Link to comment Share on other sites More sharing options...
PullMyFinger Posted August 20, 2021 Report Share Posted August 20, 2021 There were 6 green candles in a row on the 30M NQ yesterday morning before it took a breather. Currently working on #6 again. Will history repeat, rhyme, or ignore? Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 Look at those oscillators. This thing has a shitpile of momentum. Let's see what happens at 4440. Link to comment Share on other sites More sharing options...
DrStool Posted August 20, 2021 Author Report Share Posted August 20, 2021 5 day cycle projection would be 4475 IF they clear the 4440 area. Link to comment Share on other sites More sharing options...
itiswhatitis Posted August 20, 2021 Report Share Posted August 20, 2021 at Bretton Woods today Link to comment Share on other sites More sharing options...
Jimi Posted August 20, 2021 Report Share Posted August 20, 2021 7 hours ago, DrStool said: To put that in a North American context, it's about 200 miles north of Calgary, Canada. Right. Rome is north of Vancouver. Blows a lot of minds. Link to comment Share on other sites More sharing options...
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