01/27/2023 Live Update

[Cobra]

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Lower high or bull flag (more likely based on always guess up rule).

[Al_Dente]

8:30 Personal Income and Outlays
10:00 Consumer Sentiment
10:00 Pending Home Sales

1/27 Intel (INTC) is out with one of the worst quarterly outlooks in its history, with a forecast that missed estimates by billions of dollars.

[JFR]

ES daily.

Slight pullback from yesterday's high.

Price is up in January.

Trying to break out of a range.

[JFR]

ES 60 minutes.

Strong move up Wednesday and Thursday.

In a range, sitting on the Pivot.

[JFR]

Source -->

https://www.marketwatch.com/articles/pc ... =home-page

Excerpts from the article. The opinions expressed are not mine.

Away from the keyboard a lot today.

The Federal Reserve’s preferred measure of inflation rose 4.4% annually in December, down from 4.7% in November, the latest sign that the era of red-hot prices is coming to an end and that the Fed may soon pivot to a less aggressive monetary policy stance.

But the news wasn’t all positive. The report showed spending for personal consumption declined by 0.2% in December from November, which investors could see as as a worrying sign for the economy.

[Al_Dente]

earnings reactions:
INTC is down -10.82%
AXP is up +7.92%

[Cobra]

Members only update at 10:13 am
http://www.cobrasmarketview.com/2023/01 ... ay-update/

[Trades w 2 Cats]

I am getting closer on this chart to what I am looking for. The 10,000 tick seems to be an OK compromise on bar time.

Volume profile says this is very much a weak high so far and could easily be retraced. We all know they are probing for the recent high.

[Al_Dente]

............Volume profile says this is very much a weak high so far and could easily be retraced. We all know they are probing for the recent high.

I like your volume profile boss, thanks

[Trades w 2 Cats]

If you search on U Tube for Mike Wilson Morgan Stanly you can listen to him talk his forecast a half dozen different times in the last couple of days.

Why he counts- Head strategist at one of the largest money center banks, and more important, the second best track record over recent time on major moves.

He is saying that the market is not considering the impact of reduced earnings this quarter. He expects a sharp pullback followed by a recovery. He says that if this doesn't happen by April then they will get back into equities at that time so as not to miss out on the recovery. To us his major call is that the October lows will not hold. Means all my Elliot Wave stuff is wrong as it assumes the October lows are the low for this cycle.

Semiconductors, real estate and banking are all showing that he is correct on this call so far.

Also gives the market a chance to show some sort of capitulation, which we haven't had. Paves the way for a slow drawn out finish going through summer. That makes it closer to Bob Farrell's pattern of a bear market.

[te_fern]

Needs to break up and out of this channel...

[Cobra]

For now, it looks like a bear flag, breakdown could mean downtrend day.

[Al_Dente]

First time in a very long time QQQ is breaking above its 200dma

[te_fern]

Got the breakout, how far can it run???

[te_fern]

Was struggling at the pivot (R1), just broke through...

[te_fern]

The triple Qs are trying to hold a breakout....

[te_fern]

Above the high this morning...

[Sleeperz]

TSLA - $177+ +17.xx

Now $178

Low was $101.81 early Jan during the Twitter saga.

[Trades w 2 Cats]

Just flapping in the breeze. Kind of surprised to se OR (1 hour) high stop this move. Expect the 4100 and a bit higher is the target.

[Al_Dente]

There are some potential double tops to test here
Daily