09/19/2013 Live Update

[Cobra]

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list HERE. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

• Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, Please subscribe my Daily Market Report.

• Personal attack on any board members won't be tolerated. Please limit your topic to trade related only.

• Please no direct link to your personal web site or blog. You must post rich contents here. You can, however, put link to your personal web site or blog as your signature.

• I'm very busy during the trading hour, so your question posted on board might not be answered. For a guaranteed answer to your question please send email to info@cobrasmarketview.com.

========================================================================================================================================================================

I see nothing wrong the chart. Perhaps another push up to make another new high before a tiny pullback is possible?

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2013/09 ... ay-update/

[Harapa]

Happy Trading

[seemore]

mini bear attack on GDX, down 1.24%.

[simpletrader]

short at opening, will cover at the gap closing

[simpletrader]

short at opening, will cover at the gap closing

close the shorts

[JFR]

SPY ... just a bit crazy ...

[fehro]

SPX 60m

[rhight]

Yesterday, SPX touched the 3 year rising resistance for the 6th time, and the 3rd time in the last 5 months. Which is not to say that price can't go higher. Even if this line is not breached on a closing basis, it is still rising at a 0.6 point/day pace. I did short resistance, which is not my practice, and not recommended, and so I'm placing a 1% stop in case euphoria reigns. I suspect we will see a consolidation pattern evolve over the next 2-3 weeks. It is always possible that price will accelerate in some kind of hyperbolic blow-off, but the negative divergences on the Daily breadth charts and weekly price chart cause me to doubt that. I will probably exit my short during the consolidation, and re-enter as a pattern develops. True confessions , I'm trying to get away from trading my convictions, because they are usually wrong (except on the long side!)
But, check out the precision of this rising resistance trend line : yesterdays HOD was 1629.44

SPX 09-18-13 Trend Resistance.png (9.63 KiB) Viewed 6016 times

The supercomputers are certainly aware of this line!

[Cobra]

members only update at 10:06 am
http://www.cobrasmarketview.com/2013/09 ... ay-update/

[Cobra]

morning hourly black bar again.
http://stockcharts.com/public/1684859/c ... /286407830;

[stlwater]

Cobra,

3 push up or no?

[L_T]

Regional banks not doing so well this morning.

[fehro]

http://www.aaii.com/sentimentsurvey/sent_results

[L_T]

Anyone see the Baltic Dry Index lately?

[fehro]

Anyone see the Baltic Dry Index lately?

Yup.. broke major downtrend in early summer

[Cobra]

my guess.

[Cobra]

looks like a descending triangle here, so the bias is a little bit on the downside.

[EvilTrader]

I guess big money managers werent expecting what happened yesterday.

Everybody still in shock, trying to figure it out....

[Mr. BachNut]

Neutral.

My summation index signal is up.
My composite trend signal is up.

I closed long yesterday as the September future is expiring.
While I am feeling bearish, I intend to re-load the position in the December contract.
None of my exit criteria have triggered at this point. So, I want to remain aligned with my signals.
I am looking for a price below yesterday's close to opportunistically capture some spread.
If I end up chasing this thing, it will have been a bad move.