02/08/2023 Live Update

[Cobra]

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Lower high or not, wait and see. This is the 3rd time testing the high so failure could mean game over for bulls so absolutely no sharp pullback allowed.

[JFR]

ES daily.

Back up near the December high of 4178. The bulls are hanging in there.

[JFR]

ES 60 minutes.

Pulling back near the Pivot. Some decent moves in the range.

[merryme]

Analysis from yesterday's crazy day. I know folks are calling this FOMO but FEAR doesn't play with this much money. I put arrows next to the volumes of interest. Compare the last upside volume spike to others. The selling began on the last spike up. And when they weren't propping up the market, just a tiny bit of volume caused a nice move down.

https://www.youtube.com/watch?v=rzLrCyd2lgM

If you get a chance listen to digitalmicro as he shows how wholesalers began selling immediately after the close.

[Al_Dente]

10:00 Fed's Bostic Speech
10:00 Wholesale Inventories (Preliminary)
10:30 EIA Petroleum Inventories
12:30 PM Fed's Kashkari Speech
1:45 PM Fed's Waller Speech

[Al_Dente]

QQQ and IWM hit 3-standard deviations above their 50ma (red arrows)
We haven't seen them so overextended in 1+ year
Pullbacks usually folow
DAILY

[Al_Dente]

note GOOGL

[jademann]

the bull is exhausted, not getting much energy from the VIX

[Cobra]

Members only update at 10:08 am
http://www.cobrasmarketview.com/2023/02 ... ay-update/

[Cobra]

It's a morning hourly hollow red

[Al_Dente]

Egg prices fell to $2.61 per dozen eggs on Monday — a 52% decrease from the peak of around $5.43 on Dec. 19 and a 47% decrease from the beginning of 2023 ... “Prices have collapsed” .... “That’s a big, big adjustment downward.”

https://www.cnbc.com/2023/02/07/wholesa ... ember.html

[Trades w 2 Cats]

I found this modified On Balance Volume where it is smoothed with a 7 factor EMA. I think it is helpful as an overlay on the cumulative bid ask delta. I have two of those on this chart. The stable one is only tracking 10 contract or more bids and offers. Not sure yet if that is helpful.

[Trades w 2 Cats]

This is a footprint view of that drop. I really like the way I can see what is going on inside the bars.

[Cobra]

Pennant, bias is down (When I was drawing it's already down). Breakdown to the day low in the next couple of bars then it'd be a downtrend day.

[Cobra]

Members only update at 12:04 pm
http://www.cobrasmarketview.com/2023/02 ... ay-update/

[Al_Dente]

GALLUP POLL
50% in U.S. Say They Are Worse Off than a year ago, Highest Since 2009
https://news.gallup.com/poll/469898/hal ... -2009.aspx

[jademann]

Heres the problem for bulls
https://stockcharts.com/h-sc/ui?s=%24VI ... 0599455137

[Cobra]

Here's the last chance for bears to make a 2nd leg down today.

[jademann]

Vix saying remember me? we havent been out since oct!

[Trades w 2 Cats]

That yellow bar on the right is a three week VPOC. Volume info not doing much for me today. Looking like today is not going to re-ignite a short squeeze.