There are crosscurrents. They are unresolved. Upside projections for the 5 hour cycle point to 5430, but resistance has held firm and the market is forming a triangle aimed at a Dick Trickle Memorial point of 5483 at 6 PM ET. The upper line of the triangle will be at 5488 as of the NY open, and the lower line will be at 5468. With the range narrowing to almost nothing, a sustained move on a breakout isn't likely.
Time counts favor the downside today but that's a pretty thin thread to trade. How Deep Was My Valley
I'm working on a Primary Dealer Positions update. Still a couple hours to go. Meanwhile for your listening and dining pleasure, Here’s Hard Evidence that the Slowing Economy Narrative is False
For moron the markets, see:
Swing Trade Screen Picks – Read My List, No New Picks September 10, 2024
How Deep Was My Valley September 9, 2024
Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
Gold a Hold While Miners Blasted September 4, 2024
Swing Trade Screen Picks – Nothing to Add This Week September 3, 2024
Withholding Tax Collections Support Sufficient Liquidity Growth September 2, 2024
Liquidity Still Supports the Rally, But with Warnings August 27, 2024
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Swing Trade Screen Picks – Read My List, No New Picks
Lee Adler 2 - Technical Trader September 10, 2024
As of September 9 closing prices, the list had an average gain of + 4.7% on an average holding period of 20 calendar days. That was up from an average gain of + 3.4% on an average holding period of 16 calendar days the week before. Non-subscribers click here for access.
Technical Trader subscribers click here to download the complete report.
Current screens yielded 413 short-term buys and 144 short-term sells. After applying long term trend structure and intermediate term filters, there were 44 buys and 18 sells. I reviewed the charts and elected not to add any new picks this week. As a result, the list is down to 10 open picks to start the week, down from 18 on our last look. Non-subscribers click here for access.
To view list and charts of open picks, Non-subscribers click here for access.
Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days!
Last night we left off with a 2-3 day cycle projection of 5525 on the ES. Since then, there's been a failure to launch, but all is not lost for the bulls yet. The 2-3 day cycle projection remains 5515 and there's an incipient 5 day cycle projection of 5505. To get there, the market must clear proven resistance at 5484. Failing that, a rollover below 5454 could trigger a little waterfall to at least test the low of 5386.
Meanwhile, a look at the two hour bars shows just how pivotal a moment this is in the bigger scheme of things. It should determine whether the recent selloff is just a pause in the big uptrend, or the beginning of an important reversal. How Deep Was My Valley
For moron the markets, see:
How Deep Was My Valley September 9, 2024
Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
Gold a Hold While Miners Blasted September 4, 2024
Swing Trade Screen Picks – Nothing to Add This Week September 3, 2024
Withholding Tax Collections Support Sufficient Liquidity Growth September 2, 2024
Liquidity Still Supports the Rally, But with Warnings August 27, 2024
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 folder.
How Deep Was My Valley
Lee Adler 2 - Technical Trader September 9, 2024
I was looking higher because the cycle analysis pointed that way. But instead, Kaboom. That has huge implications for the coming wave. Non subscribers click here to access.
Technical Trader subscribers click here to download the complete report.
Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days!
Here it is, not even 6 AM in New York, and the overnight traders have already bought the dip. It started in Asia and continued in Your Rope. There are buy signals on the hourly oscillators and they came from positive divergences versus the previous hourly lows last Wednesday. Bears should be afraid, be very afraid.
That said, if they don't clear 5485 today, then nothing has happened yet. It would just be a garden variety return to the scene of the crime, as illustrated on the 2 hour bars.
For moron the markets, see:
How Deep Was My Valley September 9, 2024
Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
Gold a Hold While Miners Blasted September 4, 2024
Swing Trade Screen Picks – Nothing to Add This Week September 3, 2024
Withholding Tax Collections Support Sufficient Liquidity Growth September 2, 2024
Liquidity Still Supports the Rally, But with Warnings August 27, 2024
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 folder.
Here’s Hard Evidence that the Slowing Economy Narrative is False
Lee Adler 1 - Liquidity Trader- Money Trends September 8, 2024
Recently, the narrative used to explain or excuse the recent performance of US stocks and bonds is that the US economy is slowing. The crystal ball gazers are seeing something that just isn’t there in the real time data. If anything, the economy has started running hot again. Whether it undergoes a normal short-term economic pause here, or breaks out into runaway growth, remains to be seen. But there’s no sign of any material slowing in real time tax collections data. Non-subscribers, click here for the rest of the story.
Subscribers, click here to download the report.
KNOW WHAT’S HAPPENING NOW, before the Street does, read Lee Adler’s Liquidity Trader risk free for 90 days! Act on real-time reality!
That's right stocks fans! I'm on the last leg of my summer trip heading home. I will be back at my desk full time on Sunday evening.
Meanwhile, here's the hourly futures chart of the S& P 500 looks for today. So far it is following the probability that hourly cycles had favored for a breakdown from the range rather than an upside breakout.
But alas there has been no follow through. And the pattern could turn bullish if the market rallies past yesterday's double bottom.
Speaking of grim fairy tales, there's Wall Street.
What a nothingburger.
But there's an apparent orderliness to it. It should reach a decision about which way to break on tomorrow or Monday. And the cyclical side on an hourly basis leans down.
Meanwhile my summer travels wind up on Saturday as I return home to Nice. Back to work full time next week.
Ciao for now!
Today I am sightseeing in Colmar, France. I have been here before but it is one of the most beautiful places in Europe and well worth visiting again.
Kind of like the stock market. We've been here before and probably will visit again. But it's hard to say in what direction. Here's how the map looks today.
For moron the markets, see:
Swing Trade Screen Picks – Nothing to Add This Week September 3, 2024
Withholding Tax Collections Support Sufficient Liquidity Growth September 2, 2024
Another Higher Projection for Stock Prices September 1, 2024
Gold’s Most Important Point August 29, 2024
Liquidity Still Supports the Rally, But with Warnings August 27, 2024
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 folder.
