01/30/2023 Live Update

[Cobra]

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The pullback this time might be larger than the previous time because the first leg down so far is larger than the 1st leg of the previous time. It also could be a rising wedge (yellow) in which case should be a rebound here then.

[JFR]

ES daily.

Pulling back from Friday's high. But the candle is bullish. Wide range sloping up.

[JFR]

ES 60 minutes.

Pullback. Hanging on the EMA 5.

[JFR]

https://www.marketwatch.com/livecoverag ... =home-page

Not my opinions. "Just the facts, Ma'am." And not my facts, either, just sourcing them out.

Away from the keyboard a lot today. Let's be safe out there.

2023-01-30_06-21-10.png (254.54 KiB) Viewed 1419 times

[merryme]

So far....NOT impressed with down effort. AAPL and AMZN earnings week is significant and a big down before they announce would be ominous.
Note the arrow that shows how VOL increased on the down move in Dec and the moves down lessened because the big $ started to create a bottom. I love how P&F charts expose VOL.
LOOKS LIKE (maybe, not sure, don't know what is going to happen) we need another touch on the other side of the green up rectangle at some point.

[merryme]

ZM

[Cobra]

Members only update at 10:15 am
http://www.cobrasmarketview.com/2023/01 ... ay-update/

[Cobra]

It's a morning hourly hollow red.

[Al_Dente]

OEX-100 large caps, intraday
All of the "Big Five" are in the biggest reds sort today, and that's unusual

[Al_Dente]

Record cash levels show investors remain unconvinced by the stock market's bullish transition in 2023, Bank of America says ...
record $5 trillion of cash sitting in US money market funds.

https://markets.businessinsider.com/new ... ofa-2023-1

[Record cash levels is often used as a contrarian bull signal]

[Cobra]

Break the line below in the next couple of bars then it's a downtrend day. However, usually now is the time to rebound usually sharply.

[Al_Dente]

Big Tech performance over the last 20 days
QQQ is black and SPY is purple for context

[BullBear52x]

Negative price action on Friday has a follow through with daily swing low. Bears still need to see a close lower to have a daily reversal. bulls are weak but not out.

[BullBear52x]

Swing buy setup failed. bearish crossed, short term are now looking at the mercy of 5 DMA for the support.

[Trades w 2 Cats]

Pasta Boss, Goldman's most shorted.
Other charts I did not save include Hedge Funds etc remain short the market.
Low liquidity has moved market up with the driver being retail traders and CTAs.
This week buyback window reopens. Goldman looking for 3 to 4 billion a day. 23% open today rapidly increasing as earnings are announced.Add to CTA triggered mechanical buying they are looking at 5 billion a day on average coming in long.
Bottom line, unless J Powell comes out super hawk the up squeeze continues through early February.

I still think the guys who are usually right are still on point. At some point bad earnings are going to reverse this market, Also scary that big money isn't buying, it is retail and momentum chasers.

[BullBear52x]

If we closed here we will have a bearish reversal with daily swing low combo, very bearish if so.

[Al_Dente]

Pasta Boss, Goldman's most shorted......

Thanks boss We can't get that on stockcharts, so I appreciate you posting this when you see it

[Cobra]

Members only update at 12:00 pm
http://www.cobrasmarketview.com/2023/01 ... ay-update/

[Trades w 2 Cats]

Pasta Boss, Goldman's most shorted......

Thanks boss We can't get that on stockcharts, so I appreciate you posting this when you see it

Ha Ha, we need to step our game so we can afford a Bloomberg Terminal. Problem is you would get lost in the charts and never trade!

[Trades w 2 Cats]

Looks pretty obvious that the 4030 zone is a key level at this point.
4050 has a magic options ring to it but the chart says who cares.
Haven't drawn it yet but this looks like ABC down currently in Micro C, which is supposed to be a 5 wave move. Looking more like a flat right now.