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Adam Montana Weekly 10 June 2020


Adam Montana
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The action today was pretty choppy but the Market did what it needed to do.  The S&P 500 fell today, all the way to just a little past yesterday’s close.  Then it rallied back to finish just below the E20.  We got real close to tagging the E200,100 and 50 near the 61.8 Fib line from the March lows.  The Market Makers are real good about painting the tape to make a chart appear to look like it can go either way at close on Fridays.  Makes you wonder what way we will go on Monday.  Don’t you just hate that.

 

If this were another time I would be all in telling you to buy this dip.  In this very nutty environment I will tell you it is my opinion we may need to go a little lower and knock off some of the froth from the run up.  I really would like to see us go below the 3 Ema’s and hit that 61.8 Fib. Line on Monday or Tuesday and finish up like we did today.  

 

I am going to continue giving my little daily updates until we get past this critical point on the charts.  Three major moving averages juxtaposing or lined up the way they are currently is a big deal to a Technical Trader.  If we can hold that Fib 61.8 line for a few days I think you will get a nice spike up Tues or Wed.  Watch the News. They are really pushing the CV spike, especially in Texas. If we get some crazy Headline this bad boy could fall apart rather quickly.  We’ll just have to see who wins the 3 EMA 200, 100, 50, battle.  

 

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This picture’s color didn’t come out too good but I circled the 3 Major EMA’S.  

 

From the Top 

 

The EMA 20 is running thru yesterday’s and today’s candlesticks.

The 200 EMA is green

The 100 EMA is Red 

The 50 EMA is teal 

 

I hope you can see how how they are all lined up.  The solid green line is a possible down target ( 2865-75 ish) if we breach those moving averages and the Fib 61.8 line.  That would fill a gap created to the upside on 5-18-20.  It’s also the top of the lower Bollinger Band.  

 

 

 

 

 

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1:15 CT Monday 6-15-20

 

Here is a quick update for those that may be interested in the Stock Market

 

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Today we woke up to a major selloff premarket. All the major indices were down big.  Most people would have shrugged and figured the Market was going to be down all day.  I Trade what I see and I had an incredible day playing Nasdaq stocks which decided to go up after testing the 3 major EMA’s I talked about in the previous posts. As a matter of fact as I’m writing this post all 3 indices are now in the Green!!!  Wow, this has been an incredible rally today folks.  Ok, now we look for a strong close and a follow through tomorrow.  We shall see.  Even oil rebounded off the bottom. 

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