01/07/2021 Live Update

[BullBear52x]

With my dig yourself out of the hole method @3785, that's where MA support will meet up, will give me 5 handles gain. unless the power that be wants to hold up all day with few more billion to spend then be it.

[JFR]

ES daily. Getting squeezed between the high and the EMA 20. Big move up since yesterday's close.

Late to the party today, and up late last night watching the reality show from D.C. Very compelling but strange. Ha ha Sorry. No joking matter. It is only the future of the country at stake.

[Cobra]

Lots of doji so maybe a pullback here first then we'll see.

[Mr. BachNut]

Looks like the NYMO cycle will be confirming up today.
The last high was set Nov. 24, and the low looks to be Dec. 22.
It spent the back half of December under the zero line.

Price held firm throughout and in variance to the NYMO decline stranding our benchmark price of SPX 3642.31 (pea green line).
This now becomes unfinished business, which will be completed in a future down cycle.
Price can run quite a ways (or not) before gains are given back.
If you look, you can see three pea green lines showing where prior stranded benchmarks got cured in the March 2020 decline.
It was unusual to have so many so underwater benchmarks at that time, but QE driven markets can do that sort of thing until gravity kicks in.

Today opened a down gap.
We have 17 open down gaps from last year, a record.
As a matter of practice, we don't carry gaps forward into a new year considering books to be squared and a new ball game.
That said, many gaps do close. So, all those red circles remain relevant in my view.

Not much more to say at this point.
I am flat from a restful holiday.
I had a modest R2K short that stopped out for a loss on the overnight break of Tuesday's inside day high.
I have long setups in the batting circle that may step up after today.
I may go light with them as I am feeling vulnerable to a trap but I will honor the setup and take what comes.

[BullBear52x]

Weak squeeze, less than 10 handles will scare no one.

[BullBear52x]

Hit 3790 this time I will rake in double of 5 handles (2x). give it to papa.

[JFR]

SPY 5. Pulling back after a gap up and move up.

[JFR]

Dow 30. Lots of green. WBA and JPM leading. MMM trailing.

[Cobra]

The pullback probably will be bought.

[Trades w 2 Cats]

4th hit under Cobra rules support should fail. Prefer to see a better retest of the high first.

edit- now on the down side of EMA

[BullBear52x]

Thank you everyone, this is the TA board any practical trade view that anyone can benefit. keep it up snakeville, we are here to make money not compete against one another, there is shark out there to get us. lets get them, bite on their tails or something.

[BullBear52x]

Nice support anything lower will make my day.

[BullBear52x]

Cash SPX Fib, 61.8% support will be where bears can only hope for atm. will see the reaction from there.

[BullBear52x]

Counter trend, Honey hole area. SPX

[Cobra]

Members only update at 12:10 pm
http://www.cobrasmarketview.com/2021/01 ... ay-update/

[Al_Dente]

Monday Morning Quarterbacking:
It was clear to everyone except me that the banks were frontrunning higher rates
daily

[Trades w 2 Cats]

Higher rates- Yes people who are paid to write are all over this sea change as the Fed starts normalizing and the printing press is turned over to Congress. Supposed to see a great rotation as corperate debt becomes more expensive and consumers are given spending money.

I do remember Louis Rukeyser saying something about crystal balls and a taste for ground glass

[BullBear52x]

My favorite setup, if there will be a down trend from here, this is it. or sideways to up if no LL. same playbook.

[Trades w 2 Cats]

Pelosi at 1, Graham at 1:30 maybe effects market, maybe not.

[BullBear52x]

Last sell entry for me, good here or I am done. not a bad day so far for counter trend.