02/17/2017 Live Update

[Cobra]

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50% chances double bottom here.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2017/02 ... ay-update/

[Trades with cats]

Small caps have very little overnight trading, but have already gone through yesterdays low and are back testing it as resistance. Would expect them to move above in the opening bounce then we will see.

[BullBear52x]

/ES sell anything under 41

SPX 5 dma is level to watch.

[Trades with cats]

ES testing yesterdays low for third time in as many hours. Need a good opening bounce .

[Trades with cats]

Wow, small caps an amazing opening bounce with an instant 50% retrace.

[Trades with cats]

Fourth bounce off yesterdays lows for ES, first bounce during RTH. I think 6 will be the magic number.

[BullBear52x]

Fourth bounce off yesterdays lows for ES, first bounce during RTH. I think 6 will be the magic number.

yep overnight low is 36.5, it will break down today I can smell it.

[Trades with cats]

/ES sell anything under 41

SPX 5 dma is level to watch.

Urban Camel tweeting this morning that market needs weaken before it can reverse. He wants to see a close below 5 day to confirm av reverse in direction. (classic theory I think). So looking to see closes below the daily pivot then the big one, loss of the 5 day average.

[Al_Dente]

NY declining stocks = 1.8x advancing stocks
NY declining volume = 1.8x advancing volume
Was 2x a minute ago
Can bears hold on to their advantage?

[Cobra]

members only update at 10:02 am
http://www.cobrasmarketview.com/2017/02 ... ay-update/

[Cobra]

morning hourly hollow red.

[Trades with cats]

Smalls testing the opening spike.

[BullBear52x]

I am seeing a reversal in $USD /DX, a reversal like this will challenge the HS formation, if we can get a new HH, then $USD ATH is in the card.

[superxy]

It is weird that xiv down a lot, but spy is holding well


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[johnnywa]

/ES sell anything under 41

SPX 5 dma is level to watch.

Urban Camel tweeting this morning that market needs weaken before it can reverse. He wants to see a close below 5 day to confirm av reverse in direction. (classic theory I think). So looking to see closes below the daily pivot then the big one, loss of the 5 day average.

Has he watched trading this week??? Down premarket all week 10-13 points then up rest of day,lucky if were down 3-4 points at close as we are approaching green the 1st hour of trading
//

[Trades with cats]

Urban Camel is strictly a chart tweeter who looks to classic TA rules. He does claim to be banned by ZeroHedge.

[BullBear52x]

/ES we should test the low from here.

[Mr. BachNut]

Friday is BachNut day.
My chart is a mess!

The NYMO cycle is up, but it is solidly negative this morning intraday.
It is in fact the lowest it has been in two weeks and below the low of the last down cycle.
I trust it will perk up by the close but it is a bit surprising.

Price has been wonderous and at the moment is trying to close the opening gap.
We are in blue sky territory above my upper keltner band.
But for the opening gap, I have no up targets. Bulls just want to keep riding this band upward.
Down targets are everywhere to the point of being absurd.
To simplify, I view there being three potentialities at some point down the road.
One, no gap above the upper keltner goes unclosed (SPX 2316.1).
Two, the benchmark from the last NYMO cycle high is a good shot to get technically cleaned up (SPX 2251.69).
Three, the 200 day MA is likely to get a test (SPX 2173 and rising).

I am flat.
I feel good in so far as I am aware of a number of good traders who have been short and gotten run over this month.
I am a little miffed as I had some long on in late January around the island high as part of a long and short combination.
I let myself get shaken out of the long leg during the month end drop.
On review, my stop was tight and I think it was so on account of some bearish bias on my part.
The next level looser would have held. Ugh.
I have already forgiven myself. I don't chase. So, I have been sidelined.
I anticipate my next trade is short to go knock off some of my down targets, but the setups aren't there quite yet.

[Trades with cats]

A week or so ago Tom McClelland posted a free opinion on his web page that the volumeless move would not end well.
https://www.mcoscillator.com/learning_c ... _of_a_top/