09/18/2017 Live Update

[Cobra]

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the pullback will be bought.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2017/09 ... ay-update/

[Daniel]

XLI, EWZ, ILF, EWG all hitting 52 week highs.

[fehro]

COMPQ/INDU/SPX nATH NDX/RUT/TRANsports all lag

[Cobra]

so far looks like an uptrend day

[Daniel]

XLI, EWZ, ILF, EWG all hitting 52 week highs.

EEM, FXI, XLB and SMH as well.

[fehro]

dabble short here 2506.5 SPX .. not ideal.. mind the gaps below

[Cobra]

members only update at 10:07 am
http://www.cobrasmarketview.com/2017/09 ... ay-update/

[Cobra]

generally the pullback should be bought.

[Mr. BachNut]

Greetings all. Mr. BachNut with some NYMO news.

The NYMO cycle remains up. It has been the most powerful up cycle so far this year being the longest and making highs for the year.
It is making a fresh year high this morning. Assuming it closes up here, the negative NYMO divergence that has been present since the beginning of the month will be broken validating the price highs we are seeing.
As you can see in the chart, NYMO levels are getting quite high and nearing the Turn Zone.
Anecdotally, if you get a NYMO move like this after a deep price correction, it suggests a kickoff within what may be a powerful rally.
If, however, a move like this occurs from uncorrected price levels, it is fair to look for a multi-week price stall or correction ahead.
The current NYMO up cycle started with price right at the middle keltner (not weak at all). So, I'll be looking for prices to stall or turn ahead. (Perhaps sometime over next two weeks?)
Not a prediction... just a possibility to set up for.

Price is tagging the underside of my magenta internal trend line this morning. I thought we saw a kiss goodbye in August but price is passionate for this thing.
It is also not far from the upper keltner. This keltner has been flattening a bit and if price fails to tag, it will be another sign of slowing momentum.
I continue to view the current rally as kinda wedgie (blue orange lines). If/when the wedge breaks, the two marked gap targets to the middle keltner should be attractive.

I am still long.
Emotionally, I want to sell. Things are feeling a little 1999ish to me.
For those who weren't around, it was a spell of time where price just kept marching.
It didn't end until it ended. Let's see what happens.

[te_fern]

TICKs look like they maybe trying to roll over. Been strong all morning though!

[long]

Cobra, is the down phantom bar meaningful ?

[Junior Buffett]

Is it possible that we are heading for major stock market bubble in next year or so? possible that S & P go another 50% or more higher in next 12 to 18 months?

They way stock market is going, there is no sign to slow down and BEARS are very few and weak to make a dent on this rally...

[Mr. BachNut]

Update: NYMO intraday has reversed and is now down from the Friday close.
So, divergence may not have been resolved.

Also, I just realized September VIX contract expiration is not until Wednesday open.
So, worth watching next few days.

[fehro]

FOMC meeting Wed, *NEW moon Wed, VIX expiration Wed, what could possibly go wrong?

[Cobra]

members only update at 12:15 pm
http://www.cobrasmarketview.com/2017/09 ... ay-update/

[Al_Dente]

[Cobra]

for now the pullback still will be bought again unless bears push down harder.

[Daniel]

xly, xrt LOD

SPX futures were up about 5 points when the Asian markets closed. Currently there.

SSO (instead of SPY) is still within its OR-30. Sidewaysness.




(SPY is screwed up today on some pricing platforms, because of the phantom bar and, in some cases, delayed processing of the dividend.)

[Cobra]

pullback gets stronger so might have small legs.