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Rebounding from a Pounding 9/21/20


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The ES fuctures are up 22 points from their overnight low here at 5:25 AM ET, but that's still down 46 from Friday's close. It ran into multiple support lines and levels and blew away a 5 day cycle projection of 3260 at the low of 3248. The hourly indicators suggest that the market may be bottoming here. There's no confirmation of that yet. It now must clear 3290 or so to prove a reversal. 

tvc_06fd96612a982e42bf152d071fd6cf59.png

 

Here's how it looks zoomed in on 30 minute bars. A 2-3 day cycle projection of 3250 was hit. 30 minute indicators are also in position for a bottom, but are not confirming. When NY traders wake up and start getting to their screens around 6 AM they need to push above 3280 to get a turn confirmed on the 2-3 day cycle. That should be enough to turn the 5 day cycle as well. 

tvc_2a3ddfca710846a74427ddc12edd0440.png

 

Ooops. They're weakening again and there are no positivie divergences yet to suggest that this will be the low.  

Stay tuned. 

 

 

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  • DrStool changed the title to Rebounding from a Pounding 9/21/20
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A stock I shorted on Friday in my own account is now down 6%.  If it opens here, it's a helluva breakdown gap.  We are talking bluest of blue chip. I'll be looking toward 10:30 turn time.  I had intended this for a 2-4 week swing. Hmmm... 

 

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