11/22/2022 Live Update

[Cobra]

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Maybe it's a range.

[JFR]

ES daily. Day 8 in the trading range. Small bars, going nowhere. Above the EMA 20.

[JFR]

ES 60 minutes. Within those daily candles, the 60s are chopping around erratically. Moving up from the Pivot, with R1 above.

[JFR]

ES 5 minutes. The diabolical market. Very nasty fakeout at the bottom. Then 2 strong moves up.

[Al_Dente]

5min, 3 days
Divergence between leveraged SPY and leveraged QQQ

[Cobra]

Members only update at 10:05 am
http://www.cobrasmarketview.com/2022/11 ... ay-update/

[Mr. BachNut]

The NYMO cycle is UP, but the high may be in.
We have been making a series of lower highs and lower lows, but until the oscillator goes negative, the model stays up as this action could be corrective rather than reversal.
We have now hit the Upper Turn Zone twice and the response to each has been price consolidation.
Time will tell whether the consolidation we are in now morphs to continuation or reversal.
I don't know what will happen.

We have two nearby open price gaps, one from yesterday's close and one at SPX 3991.73.
I will hazard a guess that both will get closed by the end of the week, but don't plan on it.

The 200 MA (4061.97) is coming down to meet us and so is a declining tops line (4115).
If price gets there, the reaction could be informative.
The upper keltner band is on the rise, which makes it tougher for bulls to win the bias.

I remain long an SPX runner position with a trailing profit stop.
This market is quite strange insofar as my usual NYMO model setups have remained flat.
Interestingly, while NYMO is positive, my oscillator calculations for the individual indexes (SPX and R2K) are negative. Hmmm.
Also, the price action has been jerky with consolidation, which has not provided conditions for a clean entry.
So, under the hood, things remain kinda funky.
I probably won't do anything this week, though I will pay attention Friday. Sometimes that is a kickoff day.
We also have FOMC minutes Wednesday just as everyone wants to head out for the holiday.
A break up may have me add long and a break down could get me short. We shall see...

Happy Thanksgiving.

[Cobra]

It's a morning hourly filled black bar

[Al_Dente]

another test of the BOX top, cyan

[Cobra]

No sharp pullback in the next couple of bars then it could be an uptrend day.

[JFR]

SPY 2 hour bars.

Bulls are working hard to keep the market afloat.

CTM, Sto, EMAs 50, 100, Elder, all bullish.

Bollinger and EMA 20 flat.

Is the market going to head south again?

Play it tight.

[Al_Dente]

RUMBLING
Usually bonds TLT up, SPY down
DAILY

[Cobra]

Members only update at 12:00 pm
http://www.cobrasmarketview.com/2022/11 ... ay-update/

[Cobra]

Breakout is more likely.

[JFR]

AFL. Insurance.

Posted on here in February and again in August.

Still moving up.

Not recommending, just sharing information.

[te_fern]

Good call Cobra!!

[Al_Dente]

Roundup of Twitter's cost-cutting:
https://www.nytimes.com/2022/11/22/tech ... tting.html

[Cobra]

Members only update at 3:38 pm
http://www.cobrasmarketview.com/2022/11 ... ay-update/

[Cobra]

Members only update at 3:53 pm
http://www.cobrasmarketview.com/2022/11 ... ay-update/

[Cobra]

Well, guess that's it for today. Here's what Wednesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449381

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449381