07/24/2020 Live Update

[Cobra]

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No idea up or down from here but if rebound then the low could be in overnight because the pattern is good enough to be a bottom pattern. Trend day possible either up or down.

[Cobra]

The members only update starts here: http://www.cobrasmarketview.com/2020/07 ... ay-update/

[Heck]

QQQ BUYING > 251.32 edit

[BullBear52x]

The only number that make sense on my crystal ball is 3155 from the look of market profile.

good luck all, see you next week.

[BullBear52x]

ES big picture, Peace!

[Cobra]

Members only update at 10:12 am
http://www.cobrasmarketview.com/2020/07 ... ay-update/

[Al_Dente]

$NYFANG

[Cobra]

Testing EMA20, it's the bear's last chance to make today a downtrend day. Bears haven't had 2 consecutive down days for awhile now.

[Al_Dente]

same chart, $NYFANG, but DAILY with the default 20/50ma

[Al_Dente]

"Individual investors a ‘big part’ of the market over last few months, NYSE president says"
https://www.cnbc.com/2020/07/24/individ ... -says.html

[Heck]

green close ?

[Heck]

VGT Target + 84 %
From 276.88 to 510.4
+ 1 % Dividend Yield

[Mr. BachNut]

Mr. B reporting in...

The NYMO cycle is up but sputtering.
Getting above and staying above the zero line has been managed with struggle.
We are a little negative this morning. So, today's close will be interesting.

Price has broken down out of an ascending wedge today.
At the moment, the mid-week break above the wedge looks like an overshoot and a possible bull trap.
Today, we have opened an upside gap at yesterday's close and came close to closing a downside gap at SPX 3197.52.
There is also an open down gap in the ES future at 3184, which I expect to close in due course.

An ideal scenario for bears would be to close this morning's gap, test the underside of the wedge and set up a little head and shoulders pattern that resolves to the downside.
Probably won't happen...

I am long a small R2K position. I did put on a small SPX position some time ago that scaled out some profits before getting breakeven stopped.
What profits I have made in SPX from the March low have come from scales. The high volatility character of the rally has made my breakeven stops easy pickings.
A little frustrating... but I think this is meaningful somehow. This rally has been different in character than prior Fed induced rallies we have seen in recent years.

[Cobra]

Possible higher low, bears were over again today.

[Cobra]

mm possible.

[Cobra]

I see bull flag, bias is up.

[Al_Dente]

GS:
"...2.3% of all volume is made up of trades for $2,000 or less.
The increase in small trades has been even more notable in the options market, where 13% of all trades are for 1 contract."

zh:
Goldman spotted an unprecedented market inversion, for the first time ever, the volume of option trades surpassed that of ordinary shares! Translation: the derivative is now more liquid and popular than the actual underlying.
... a significant portion of this increase has been driven by higher volumes in short dated contracts, as investors are literally using massive leverage to wager on near-term momentum moves such as those often highlighted OTM calls traded in Tesla stock.

[Cobra]

Members only update at 12:22 pm
http://www.cobrasmarketview.com/2020/07 ... ay-update/

[Al_Dente]

note INTC

[jademann]

INTC was the story of the day for me. Reinforces my general bear views which are valuation based. I also want to see AMZN broken up, it’s like one of those big Korean chaebols you hear about.. Anti-trust issues.