06/03/2021 Live Update

[Cobra]

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Probably another breakdown then sharp reversal up as most initial breakout/breakdown simple are false.

Gap down below yesterday's low so could be a trend day, either up or down.

[JFR]

SPY 15. Down from yesterday's close. Profit takers and short sellers are active.

[JFR]

ES daily. Breaking down from the tight range, to the EMA 20. Is that it?

[1der]

Forest of PBars on the 1 min SPY this morning

[Cobra]

Members only update at 10:00 am
http://www.cobrasmarketview.com/2021/06 ... ay-update/

[Mr. BachNut]

So, NYMO tagged the zero line at the open this morning.
Up a bit now.
So, either this is a corrective move for the up cycle to continue, or the cycle high is in and a downcycle is commencing.
Time will tell which is on the menu.

A little collection of down gaps has closed and an up gap has opened today.
I guess bears would like to sell an up gap close and have price fail.
I guess bulls would like to draw in shorts to squeeze to new highs.
Let's see what happens...

I am flat SPX and long R2K.
My SPX runner position was breakeven stopped this morning with two scaled out profit units in the bank.
My R2K position is a runner with a breakeven stop and two scaled out profit units in the bank.

[JFR]

GM. This old dog is having a good run.

[Al_Dente]

So, NYMO tagged the zero line at the open this morning.
Up a bit now......

Thanks Mr. Bach, I always appreciate your posts

[Cobra]

Higher low and break the EMA20, so the low might be in for today. The best bears can hope is a range day.

[Al_Dente]

XLF another new high ALMOST

[Al_Dente]

KEY SECTORS, 10 days, 30min

[Trades w 2 Cats]

It was the proposed change in corporate taxes reported by Washington Post that launched the big up move. So will the move stick or reverse?

[JFR]

SPY 5. Bears got a few punches in. But the bulls as always fighting back.

[Al_Dente]

It was the proposed change in corporate taxes reported by Washington Post that launched the big up move. So will the move stick or reverse?

Boss can u elaborate, or link ?

[Al_Dente]

spy filled the morning gap, qqq did not
who's in charge here ?

[Al_Dente]

Bottom row is the Four Horsemen
Daily, 20ema, RSI-5

[Trades w 2 Cats]

Biden dropping increase in rates, instead looking for a 15% minimum tax. Story broke by Washington Post. I found recap at the evil site.

So it was, I think, unexpected news. I also think changing strategy was expected as we all knew the prior plan was not going to pass. So does this count as regular news reaction to be followed by 100 % retrace or is it a sea change. After all if the Republicans agree then big spending next year.

[JFR]

Alternatives. All fall down. Except, SPY Value even, and UUP up.

[JFR]

DIA even. IWM down. QQQ down. SPY down a bit.

[Al_Dente]

thanks boss