07/30/2018 Live Update

[Cobra]

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the rebound might be sold?

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2018/07 ... ay-update/

[Daniel]

QQQ testing Friday's low right from the open.

[MrMiyagi]

Cancelling POWER HOUR for the week.

[Daniel]

Now it's IWM's turn to test the Fri low.

[Al_Dente]

GS notes the narrow breadth
"the top 10 contributors have accounted for 62% of the S&P 500 7% YTD return", and this even after Facebook's record plunge which also dragged down some of the other most prominent tech names.
https://www.zerohedge.com/sites/default ... k=ixPVt5F4

[DellGriffith]

Going HUGE long general market now. This is really nice. There are bears all over the place and no bulls in sight. Haven't seen this in a while.

[Al_Dente]

With the FAANGs+ (pink) lagging, who is picking up the slack in the SPX?
(see the green)

[DellGriffith]

QQQ is like "here, make a fortune, go long right now". Sitting at 175.66.

[Daniel]

Now it's IWM's turn to test the Fri low.

Strong rebound off that low! Unlike QQQ which has made successive new lows so far today.

[Cobra]

members only update at 10:03 am
http://www.cobrasmarketview.com/2018/07 ... ay-update/

[1der]

SPY PBars: NEW
Friday evening posted 283.00
Monday Morning posted 280.46

Nearby still open at 280.20 and 283.91
3 min chart

[Daniel]

10am: Pending Home Sales increased 0.9% in June.
ITB, XHB both up >1/2 of 1%--about where they were before the news release.

[Daniel]

IWM strong rebound took it right up to the (downslope) 15min 20ema--where it failed once already this morning.

[Al_Dente]

Goldman's top 10 (ex-MA) YTD
constructed from this, posted earlier today
https://www.zerohedge.com/sites/default ... k=ixPVt5F4

[DellGriffith]

QQQ was down like $2 in 15 minutes. That's a waterfall event. As soon as downward momentum broke, it was gonna gain it all back. The bounce is in progress.

[DellGriffith]

And as typical in those waterfall events, they are very rare, and EVERYONE is bearish at the bottom.

[Daniel]

IWM above the 15min 20ema... fresh HOD

XLE, IYT up 1%

[Cobra]

breakdown probably is more likely.

[Al_Dente]

Down -20% or more is traditionally known as a “bear market”
FB and INTC are below 200sma (gray)
daily