05/20/2022 Live Update

[Cobra]

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Rising wedge, maybe the rebound would fail eventually?

[JFR]

ES daily. Back down to a key support level yesterday. Up a bit today. A doji, so far.

[JFR]

ES 60 minutes. Up off the mat. All around R1. Above the EMA 20.

[JFR]

SPY 15. A whole lotta nasty chop yesterday. Up a bit from the close. Between the EMA 20 and a Pivot.

[JFR]

ES 5 minutes. Fades, moving from level to level. In a base for a couple of hours. Relatively quiet at this time.

I will check in from time to time today, but will mostly be away from the desktop.

[koolblue]

[Cobra]

Members only update at 10:00 am
http://www.cobrasmarketview.com/2022/05 ... ay-update/

[koolblue]

[jademann]

Bulls are so weak. Every time they buy they lose.

[Cobra]

The breakdown is an early sign of a downtrend day.

[jademann]

If 3855 doesnt hold it may be worth increasing SPXU position..

[Al_Dente]

Good technical piece to read from Bloomberg via zh
https://www.zerohedge.com/markets/indic ... ll-missing

[Al_Dente]

As you can see on all your charts, we have another "potential" double bottom.
ADV is calling this a bullish divergence but that means little, as it can change quickly.
5min

[Cobra]

Members only update at 12:15 pm
http://www.cobrasmarketview.com/2022/05 ... ay-update/

[koolblue]

[Al_Dente]

Dear Bears: are you sure you want to stay short over the weekend?

[jademann]

Or bulls
Actually it is still slightly better to be a bull:
https://stockcharts.com/h-sc/ui?s=%24VI ... 6748220133

[Al_Dente]

"The S&P 500 and the Nasdaq are set for their seventh straight week of losses, their longest losing streak since the end of the dotcom bubble in 2001.
The Dow is on track for its eighth consecutive weekly decline, its longest since 1932 during the Great Depression.
Traders are pricing in 50-basis point rate hikes by the U.S. central bank in June and July.
[Reuters]

[jademann]

I nibbled long UPRO

[Trades w 2 Cats]

Well the bull count is dead for now. The Alt bear count is looking good but I am not so sure about it being 5 waves down as it could just be an a b c with 5 waves up next week in a face ripper short covering move.