09/27/2017 Live Update

[fehro]

shall we try again.. short SPX near here.. 2507.50 not sure.. resistance, 30m/ 5m

as per usual mind the morning gap .. SPX

covered.. may bounce here.. SPY testing yHOD, mon HOD.. +$4.50ish

SPY gap fills… QQQ IWM lag.. VIX backs off

Put/Call spikes down to extremes.. Adv/Dec divergence fwiw

[Trades with cats]

I am no good at head and shoulders but I do see an inverted one with a target of ES 2500.

[Trades with cats]

From John Kemp of Reuters twitter feed

[fehro]

reload short SPX again 2500.00

[Daniel]

So true, yet when big traders using "other time frames" enter or exit we get those wonderful day long trends.

Yes, quite so-- all traders observe (should observe) longer timeframe patterns than the one they farm/mine/harvest (choose your metaphor). The longer provides the context for the shorter, guides any discretionary action.

However, intraday is the Land of Noise. Someone sneezes, someone speaks, a rumor pops up in the blogosphere, a twig snaps--and price jumps around. Hours later, meaningless.

In the world of mutual funds, whose managers look at weekly charts, our entire universe here is referred to as The Noise (which they are trying to filter out). Not very complimentary, but there it is.

[fehro]

reload short SPX again 2500.00

keep in mind EOQ on Fri, EOM .. may see profit taking starting today - Fri as RUT /RT IWM make new ATH today, fwiw.

[Trades with cats]

ES 2497 is the clear point of control for now. I am learning market action or auction theory vocabulary. They call this area a fair price because buyers and sellers are in balance. They also call it a zipper on the chart.

[te_fern]

Levered smalls bouncing...

[Daniel]

..one must be watching for breakout leadership (or not) from IWM.

At 145.70 IWM is not far from its HOD (and ATH).. hence, its failure at an intraday double top would likely put a bearish spin on the session. Am still watching closely.

[Cobra]

members only update at 12:22 pm
http://www.cobrasmarketview.com/2017/09 ... ay-update/

[Cobra]

higher low possible so sharp rebound anytime then the low was in. bears need work harder.

[MrMiyagi]

higher low possible so sharp rebound anytime then the low was in. bears need work harder.

Trump to announce major tax overhaul today, I think it starts around 14:00 ET, don't quote me on the time though.

[Al_Dente]

new ATHs today
IWM
XLF
IYT
(fehro or daniel probably already noted this)

[Daniel]

new ATHs today: IWM, XLF, IYT
(fehro or daniel probably already noted this)

And, at least 52-week highs in XLI and ITB, plus the Dow Transports (a slitely different blend than IYT, hence addl confirmation).

update: IWM now >146! A breakout failure, here, would be very bearish.

[Trades with cats]

From Stock Board Assets public posts- Late stages of a recovery economic theory says manufacturing and basic materials should be leading. So the macro view gives an edge to intraday tactics if you know which sectors should have a tailwind. But while it sounds good on paper I think Yogi Berra said something about theory and practice!

[fehro]

Weekend Wildcard for the EURO.. mind the DXY USdollar , gold , oil as a result.. http://www.zerohedge.com/news/2017-09-27/catalan-police-ordered-close-and-occupy-polling-stations-stop-vote-going-ahead

[Shaishen]

ES 2497 is the clear point of control for now. I am learning market action or auction theory vocabulary. They call this area a fair price because buyers and sellers are in balance. They also call it a zipper on the chart.

POC at 2497 looking at profile shape would suggest more downside, BUT "toothie" profile above POC suggest revisit the skinny parts 2499 2501 2503

Also tick and VOLD are trying to look more positive (diverging slightly from price chart)
Not putting on a bet though with this info, seems only 50:50
Also the Tax plan thing could confuse the algos in any direction

.

[Al_Dente]

scroll down to the bottom for the 9 page tax plan
http://www.zerohedge.com/news/2017-09-2 ... p-tax-plan

[fehro]

Screen-Shot-2017-09-27-at-7.49.22-AM.png

From Stock Board Assets public posts- Late stages of a recovery economic theory says manufacturing and basic materials should be leading. So the macro view gives an edge to intraday tactics if you know which sectors should have a tailwind. But while it sounds good on paper I think Yogi Berra said something about theory and practice!

also 4 weeks to the Election lows.. nice 1 yr return.. especially those working on Oct 30 Y/E .. profit taking ahead?

[Daniel]

..while it sounds good on paper I think Yogi Berra said something about theory and practice!

"In theory there’s no difference between theory and practice but in practice there is."