05/19/2017 Live Update

[Cobra]

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double top, rebound is over? the usual pattern does miss another leg down to test the low though.

[fehro]

SPX opening on 50d SMA.. possible invs H&S 5m . gap and go first target 20d 2386, overall target 2395... "IF" it goes

[fehro]

SPX opening on 50d SMA.. possible invs H&S 5m . gap and go first target 20d 2386, overall target 2395... "IF" it goes

resistance here at 2380.. previous lows.. may stall

[Cobra]

members only update at 10:00 am
http://www.cobrasmarketview.com/2017/05 ... ay-update/

[fehro]

SPX opening on 50d SMA.. possible invs H&S 5m . gap and go first target 20d 2386, overall target 2395... "IF" it goes

resistance here at 2380.. previous lows.. may stall

SPX over 2380.. then look to open gap at 2384.. yOpen

[Cobra]

this bull shall have legs.

[Mr. BachNut]

Friday Mr. B

NYMO cycle remains down.
Bounce so far looks corrective but close above zero line and prior high would change complexion.

We had a down target hit on Wednesday.
The next down target was also hit in futures after hours but not in the open session.
I have left it on the chart as unfinished business but it is a little less compelling as a target now.

Price is kissing the underside of an internal trend line (magenta grey) now. We'll see if there is any response/resistance.

It would be nice (well not really) to see a down trend shape up to clear out the target stack below, but Mr. Market will do what he wants.
If we take out another target or two, it could set a nice neckline to set up a move for the rest.
Just a thought as I haven't a clue what will happen.
Most helpful to me though, I think, would be a lower low or retest next week with a positive NYMO divergence to set up a long trade.
We shall see.

I am neutral carrying shorts and hedge longs put on yesterday.
I'll be scaling a long shortly to get net short by the close.
By Monday I will be short or flat if stops get hit.

[fehro]

should this all go horribly wrong..

[te_fern]

should this all go horribly wrong..

Well, I haven't put a trade on yet...

[Denali92]

Just a few opex comments.

http://www.cobrasmarketview.com/2017/05 ... ay-update/

I am jet lagged and uninvolved.

-D

[te_fern]

2383 on the S&P was mentioned by several folks as the line in the sand, is it a double top?

[te_fern]

Why this area is important, a lot of touches over the last several weeks!

[QED]

$SPX buying volume seems to be drying up (at resistance).

[Mr. BachNut]

I am neutral carrying shorts and hedge longs put on yesterday.
I'll be scaling a long shortly to get net short by the close.
By Monday I will be short or flat if stops get hit.

Took a long scale on the tag of a P-bar I saw at SPY 238.60.
It was also a tag of 10 day exponential MA on ES.
Tightening stop on remaining hedge long.
If bulls keep charging my short may get taken out.
Emotionally, I want to reload short scales taken out Wednesday, but gonna do nothing and stick to the regularly scheduled program.
Will think about it over weekend and respond to price action next week.

[Mr. BachNut]

Have a great weekend everybody.

[QED]

$SPX top for the day may have been put in, and the risk is to the downside from here.

[Cobra]

the pullback likely would be bought.

[Al_Dente]

NY advancing stocks = 3.5 x declining stocks
NY advancing volume = 7.0 x declining volume (not a typo)

Nasdaq advancing stocks = 1.8 x declining stocks
Nasdaq advancing volume = 3.2 x declining volume

[QED]

the pullback likely would be bought.

Cobra was right, I was wrong!

[fehro]

SPX almost there 2388.60 20d.. 3 little points