01/31/2020 Live Update

[JFR]

ES 5. Strong move down for two hours. 40 point drop. Finding some support.

[JFR]

ES daily. Strong bar down beneath the EMA 20 and the trendline.

[JFR]

Dow 30. A sea of red. IBM up strong. Dow Holdings once again the laggard, along with XOM and V.

[Al_Dente]

hour ago ... Summary:

UK confirms first two coronavirus cases after multiple scares
Confirmed cases in China rise to 9,692 from 7,700 a day earlier
Risk-off mood hits stocks
Impact of virus "not fully reflected" in rigged China PMI number
At least two-thirds of China's economy to stay shut.
Goldman disagrees with Ross, says virus blowback will wipe 0.4% off US GDP growth
'The U.K. health department confirmed two cases of coronavirus in England on Friday, while the U.S. and Japan advised citizens to avoid traveling to China.
Hong Kong schools shuttered until March 2
Singapore closes borders to Chinese travelers, first southeast Asian nation to do so.
More than 43 airlines cancel flights to China
France successfully evacuates citizens
1,000 suspected virus cases 'under observation' in India
Confirmed cases near 10,000 as Russia confirms 2
JPM cuts global growth forecast
United and Delta allow pilots to decline trips
Delta expands China cancellations through April
Research suggests 75,800 infected in Wuhan
Iran cancels flights to and from China

[Al_Dente]

shorts start to cover
Dead-Cat bounce for now
If too many shorts cover we could see a giant squeeze

[Heck]

Daily copper futures....

Thanks tf

COPX Target + 51 %
From 17.52 to 26.5
+ 1.58 % Dividend

[JFR]

Swing trade bias for 7 asset classes. DBC short. GLD long, but at a ceiling, needs a breakout. IYR flat. SPY not quite short for swing trades (scalps and day trades only). TLT long. USO short. UUP flat with the strong pullback. Just imo.

[Cobra]

Members only update at 12:02 pm
http://www.cobrasmarketview.com/2020/01 ... ay-update/

[Cobra]

First test of EMA20 in 2+ hours watch for ema short setup which mostly may only good for a scalp though.

[JFR]

ES 5. Up to the EMA 20, where it stalls.

[Al_Dente]

I guess the Shanghai Market is closed ?
But the ETFs are still trading
Daily

[JFR]

ES 5. Scalping short.

[JFR]

ES 5. Finding some buyers.

Taking a break.

[Trades with cats]

I guess the Shanghai Market is closed ?
But the ETFs are still trading

Futures markets are open but the cash markets are closed, just like many holiday schedules here.
Next question is how many added days of closed markets to expect.

[Trades with cats]

I slid the fibs over to the right. Anchored at the all time high. Reassuring to see that they are working.

[Al_Dente]

I guess the Shanghai Market is closed ?
But the ETFs are still trading

Futures markets are open but the cash markets are closed, just like many holiday schedules here.
Next question is how many added days of closed markets to expect.

zh says "China Markets Set To Re-Open" but they don't say when

[te_fern]

As pointed out by several, backed up to the EMA 20 and now going back down. Can we make a higher low??

[Trades with cats]

If I was any good at this Elliot Wave stuff I would say the bulls really need to prove this was just an ABC pullback before moving on up to new highs next week. Otherwise I would be looking for a 5th wave down somewhat similar in size to the overnight drop.

Coolbiz shifted to the alternate count after the algos struck yesterday calling for the low to be in. Confident he will be updating over the weekend, so I will dutifully transfer his thoughts to my 4 hour chart and post on Sunday. I have lost count but he is somewhere around 85 ES points in profit since the high trading his usual 20 contracts. He also rode Tesla and Amazon rocket blasts at earnings and promptly got out as soon as the boosters stopped firing.

[JFR]

ES 5. Testing beneath a support level.

[JFR]

ES 5. Finding some support, but riding the trendline down.