DrStool Posted October 8, 2020 Report Share Posted October 8, 2020 It sure feels as though the S&P is headed for the 3500 level again over the next few days. But the hourly chart of the ES fucutures shows that there are obstacles in the way. The first of these is right here in the 3433 vicinity as of 3:15 AM ET. Then there's 3445-3450. These are the resistance levels where we'd look for this surge to end today or tomorrow. The 2-3 day cycle projection is 3450, implying that they'll get to the uppermost trend resistance line. Bears would need to reclaim a sub 3420 reading to have a chance of getting anything sustainable going to the downside. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 The ES did indeed pull back from the first resistance level and reclaim sub 3450. But they immediately retraced to that line. Liquidity moves markets! Follow the money. Find the profits! Dare I say that this level now looks pivotal? The 2-3 day cycle projection still points to 3420, and hourly cycle indicators have not yet flashed clear sell signals. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 Going through my screening output, just an overwhelming preponderance of bullish charts. It's disheartening. I think that petro stocks look like they're turning. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 Anybody notice what FDX has done since March? Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 NUS March to now. Who knew? Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 Skin is in. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 There's a new channel in town. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 Couple of stocks that came up in the screens a week or so ago have absolutely exploded upward this week. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 41 minutes ago, DrStool said: I think that petro stocks look like they're turning. Eh. Not so sure. Could be rangebound noise. But let's keep it on the radar. Link to comment Share on other sites More sharing options...
Jorma Posted October 8, 2020 Report Share Posted October 8, 2020 VIX crush on Thursday? Link to comment Share on other sites More sharing options...
fxfox Posted October 8, 2020 Report Share Posted October 8, 2020 3 hours ago, DrStool said: Eh. Not so sure. Could be rangebound noise. But let's keep it on the radar. Travel and Leisure ones also. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 Typo in the opening post. 2-3 day cycle projection was and is 3450. Link to comment Share on other sites More sharing options...
Jimbo Posted October 8, 2020 Report Share Posted October 8, 2020 WHAT IS THE FED The FED is fundamentally a "Leverage Dealer" When the party is over the Fed comes along and offers free leverage ot all the leverage junkies to keep the party going. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 Today must be opposite day. I bought the slight pullback this morning. Got a couple picked off by usual triggers with offsetting gains and losses. But I have one long that's been going up at a 45 degree angle and hasn't violated my trigger line since I entered at 9:45. Is that what it feels like to be a bull? It's kinda like watching porn. It feels good but I feel a little slimy. Link to comment Share on other sites More sharing options...
DrStool Posted October 8, 2020 Author Report Share Posted October 8, 2020 Seems like the end of the move here. Link to comment Share on other sites More sharing options...
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