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05/27/2020 Live Update

05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 9:24 am

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Very strong rebound overnight, so bias might be up. Trend day is possible, either up or down, but my guess is a range day.
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 9:27 am


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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 10:02 am


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Re: 05/27/2020 Live Update

Postby Mr. BachNut » Wed May 27, 2020 10:23 am

Mr. B reporting in.

The NYMO cycle is up, and we are back in the upper turn zone.
We had a down cycle that confirmed just as it completed on May 13, which isn't terribly helpful.
This has been a very powerful rally, but it has not been like the Fed driven V bottoms we have seen before.
Anecdotally, the general look in the past has been a powerful thrust, a pullback and then steady positive readings.
This move had the initial thrust and pullback, but what has followed has been very volatile and choppy.
The unfamiliarity with this behavior has kept me cautious.

Price-wise, we have been taking out up gap targets and building a stack of down gap targets.
At the moment, we are forming an inside day sandwiched between two tight gaps.
Very interesting and I anticipate both to get closed, but that is a guess. Anything can happen.
We are testing the 200 day MA. It is fair to consider a pullback and retest in the days ahead.
A failed retest could be what sets in motion a serious correction. A successful retest would seek the highs. We shall see.

When a trend is volatile, I like to identify a channel to boundary the motion. I am not seeing one here.
So, maybe we will get a wedge forming in the days ahead that can provide a tell.

I am flat. I have withdrawn from this market until I can conclude I have an edge.

NYMO 052720.jpg
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Re: 05/27/2020 Live Update

Postby BullBear52x » Wed May 27, 2020 10:26 am

I was quiet don't want to jinx a daily :twisted: bearish engulfing in the making.-
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 10:32 am

It's morning hourly filled black bar
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 10:34 am

Bulls are tying to make a double bottom here, so for doesn't look good.
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 10:39 am

Measured move down to test yesterday's low, break down then downtrend day is possible.
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Re: 05/27/2020 Live Update

Postby BullBear52x » Wed May 27, 2020 10:44 am

ES 2963ish is next target.
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 10:48 am

Exceeded the 100% measured move target, so this bear shall have legs. No sharp rebound in the next couple of bars then it's a downtrend day with perhaps later day reversal up.
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Re: 05/27/2020 Live Update

Postby Al_Dente » Wed May 27, 2020 11:08 am

TRIVIA:
SPY and QQQ component overlap:
82 of the 100 stocks in QQQ are also in SPY
The total weight of these 82 stocks is some 40% of SPY
These stocks include the tech titans: MSFT, AAPL, AMZN and GOOGL. These four account for 41.34% of QQQ and 19% of SPY
[Art Hill, as of 5/24]
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Re: 05/27/2020 Live Update

Postby Al_Dente » Wed May 27, 2020 11:11 am

5min
527FIVE.PNG.png
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Re: 05/27/2020 Live Update

Postby Al_Dente » Wed May 27, 2020 11:18 am

THE BIG FIVE FANGS (the five heaviest weights in SPY)
AAPL+MSFT+GOOG+AMZN+FB
Are together down -2.27% today
SPY is down only -0.22% at the moment
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Re: 05/27/2020 Live Update

Postby BullBear52x » Wed May 27, 2020 11:22 am

Cash SPX Fib, we may see LOD, but there will be one more sell first.
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 11:32 am

It's the bear's last chance here. So far downtrend day wasn't confirmed.
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Re: 05/27/2020 Live Update

Postby jademann » Wed May 27, 2020 11:35 am

Have been building, for me, a large, long term position in AAL and UAL. They seem cheap right now. We shall see.
As a result I will not be day trading so much.. GL all!

- I almost picked up some Carnival also, but cruises are not my thing..
My comments were dictated to me by homie the clown
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 11:51 am

Possible higher low, the range low might be in.
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Re: 05/27/2020 Live Update

Postby BullBear52x » Wed May 27, 2020 11:59 am

One more sell here, no new LOD then the bottom is in, so far I don't see a bottom yet.
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Re: 05/27/2020 Live Update

Postby Cobra » Wed May 27, 2020 12:05 pm


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Re: 05/27/2020 Live Update

Postby JFR » Wed May 27, 2020 12:09 pm

ES 5. A big move up overnight, and an equally big move down at the opening. Now back up to resistance.


2020-05-27_0908.png
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