04/12/2023 Live Update

[JFR]

SPY 5 minutes.

Precipitous fall. Dark clouds overhead. "Much ado about nothing?" Big picture on the daily still looks more bullish imo. We will see.

[Cobra]

The rebound probably would be sold since I still don't see the 3rd leg down.

[JFR]

Dow 30.

About even for the greens and the reds.

Dow Holdings is leading on the Dow 30 Average.

WBA is trailing.

Looks relatively quiet to this trader. A lot of range action.

[Trades w 2 Cats]

Just waiting for the Fed meeting minutes to add color for the next rate decision. Panda Master Wu has tweeted that the 4175 level on S&P has stopped up moves 9 times since the all time highs. He expects the typical 200 point drop before the week is over.

[te_fern]

Was following this Tech ETF, missed the trade when it broke the cash resistance, but its now trying to move up nicely....

[Cobra]

Members only update at 12:00 pm
http://www.cobrasmarketview.com/2023/04 ... ay-update/

[Al_Dente]

Earnings due Friday, April 14, all before the open:
BLK, C, JPM, UNH, WFC

4/6/23 "HIGHEST NUMBER OF S&P 500 COMPANIES ISSUING NEGATIVE EPS GUIDANCE SINCE Q3 2019"
https://insight.factset.com/highest-num ... ce-q3-2019

[Cobra]

Very strong rebound, maybe the low was in for today.

[Al_Dente]

Note CRUS
4/12
on AAPL news
https://www.cnbc.com/2023/04/12/apple-n ... -down.html

[Al_Dente]

National CineMedia, Inc. files for bankruptcy protection
PLEASE LOOK AT ITS CHART, up +176.5% today
NCMI
https://finance.yahoo.com/news/2-theate ... 53366.html

[ccash04]

Bonds not playing along at all, think this can be sold into today, particularly qqq but even spy. Looking for a weak close.

[marcueus2]

Bonds not playing along at all, think this can be sold into today, particularly qqq but even spy. Looking for a weak close.

Today is extremly important day, on 99% we get top of current rebound and should be going under 3750, than we will see how it plays out

[Cobra]

Must be someone said something. Anyway, so far is up down up down, typical range day.

[BullBear52x]

/ES 4127 failed this time we are going down much much much more.

[Al_Dente]

the FOMC "members anticipated that some additional policy firming may be appropriate"

https://www.calculatedriskblog.com/2023 ... olicy.html

[BullBear52x]

Rejection bars are clear at this topping area. very self explainatory.

[BullBear52x]

Swing sell setup, last stand for bulls is 5 DMA, new LL out of this box will also breakdown under 5DMA. Time frame of a trade matters! Peace!

[Trades w 2 Cats]

If it was an engulfing candle on just the news that would be one thing, but this is prior day engulfing well after the CPI round trip.

Fed speakers today have been pretty much "damn the torpedoes full speed ahead" on fighting inflation.
Banks are in trouble. Lael Brainard and Warren Buffet both wheeled out to say positive things, so you know it isn't good. Their cheep deposits are leaving for Money Market funds and they are unloading MBS before John Q. Public wakes up to the commercial real estate disaster. Black Rock and others are already starting to organize vulture funds.

If bulls don't get it together soon I have an Elliott wave count for a truncated fifth leading into an express elevator down triggered by a news event.

[BullBear52x]

Chart for the road: Inflation or Deflation?

Money is on the Inflation side.

[brokebybernacke2]

on the precipice