02/03/2023 Live Update

[Cobra]

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Guess the Non Farm Payroll data was very good, too many new job created so the market is not happy, what a evil market!?

[JFR]

ES daily. 3 moves up, all the way to the December high, then a pullback.

Bias, in my view, is slightly bullish, but it needs a breakout.

[JFR]

ES 60 minutes. Pullback through the Pivot and through S1.

[JFR]

https://www.marketwatch.com/story/u-s-a ... =home-page

https://www.bls.gov/news.release/empsit.nr0.htm

Sources: MarketWatch and Bureau of Labor Statistics Economic News Release Employment Situation

Not my opinions. Not my numbers.

The numbers: The number of new jobs created in January rose by 517,000 to mark the biggest increase in six months, suggesting persistent strength in a dynamic U.S. labor market even though the economy has shown lots of signs of weakening.

The increase in new jobs was much stronger than the 187,000 forecast of economists polled by The Wall Street Journal.

One caveat: The government’s formula to adjust for seasonal swings in hiring sometimes exaggerates employment levels in January. It’s unclear whether that was the case last month.

Yet employment grew even faster in the waning months of 2022 than previously reported, indicating the labor market is still quite robust.

What’s more, the unemployment rate slid to a 54-year low of 3.4% from 3.5%, the government said Friday. That’s the lowest level since 1969.

In another sign of the strong demand for labor, the number of hours people work jumped 0.3 hours to 34.7 hours, matching the highest level in a year.

[merryme]

EOD selling was evident even though price was moving up in the last couple of bars. Chart is skewed due to size. 1 x $.05 chart. Each upside volume spikes increased but the range of price movement decreased meaning the selling was present. The smallest upside spike moved price 23 boxes while the largest spike moved price only 11 boxes. It's hidden selling by big $.

[Al_Dente]

[Cobra]

Members only update at 10:25 am
http://www.cobrasmarketview.com/2023/02 ... ay-update/

[Cobra]

It's a morning hourly hollow red

[Al_Dente]

Usually rates and dollar up, market down
We'll see......
30m

[Cobra]

Breakout to a new day high in the next couple of bars then it's an uptrend day.

[JFR]

SPY 5 minutes.

Back up to the previous close, where it meets resistance.

[BullBear52x]

last time it took a bout a week to have relief pull back, daily swing low and came right back up to fill the gap which is good, so, if market turns here we don't have to come back up again. Haha.

[BullBear52x]

Support right on 61.8% of the last leg up, very bullish above. lots of support below.

[jademann]

I have become such a piker on the bear side and will not touch bull side for love nor money..

[BullBear52x]

If we test new low today, it will not hold. same play book, failed breakdown this morning.

[BullBear52x]

Layoffs today, or wait until next job report

[Cobra]

Members only update at 12:08 pm
http://www.cobrasmarketview.com/2023/02 ... ay-update/

[JFR]

I have become such a piker on the bear side and will not touch bull side for love nor money..

Ha ha.

As Ed Seykota said: ''Everybody gets what they want from the market.''

Some want excitement, etc.

You want bears. And you do get them, but not always.

[1der]

I have become such a piker on the bear side and will not touch bull side for love nor money..

Ha! from personal experience, when I capitulate and get in long it is usually close to a major top, lol! Wall of worry stuff, right?

I am trying (baby steps) to be more zen/neutral. Hanging here with this incredible gang is rubbing off albeit slowly

Reality is - look at any chart that is going exponential, in its last (for however long) hurrah, and the gains are nutso. FOMO st is peak. Of course, do not get get caught long on the back side!

[BullBear52x]

Fed or no Fed, overbought/oversold will always here to say, if you are a bull your best buy entry is coming next week, dips will be bought, if you are a bear watch for counter trend setup, momentum is weakening. nothing go straight up or down.