04/12/2024 Live Update

[Cobra]

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3 push down (red arrows) then double bottom (green arrows), the current pullback could be a classical higher low after the 3 push down. Let's see.

[BullBear52x]

Stockcharts.com shows $CPC closed at 00, something was totally off and only 36% of SPX stocks were trading above 20 DMA, if only one or two stocks can move the major indices then the AI is really helpful in soft landing for the head lines, internals are getting worst by the day.

[BullBear52x]

$CPC on TOS is 1.0063 closed of yesterday.

[Trades w 2 Cats]

Someone posted on X that the tech titans are now 28.5% of the S&P 500 including the bitcoin trading vehicle Super Micro Computer.
If you were watching the market carpet charts yesterday you saw the titans turning green and the index going up while everything else stayed a sea of red. Today is opex and bank earnings. Not so hot out of the gate. But can't call a top until the titans report around the end of the month.

Making the context more bearish is the liquidity sucks caused by April 15th tax day, Fed emergency bank funding loans coming due and buyback halt due to earnings blackout.

I am going to go sit on my hands at the beach while things develop.

[BullBear52x]

There will be no damage to the bulls until new LL closed. we can test that low today but will it closes below?

[Cobra]

Members only update at 10:15 am
http://www.cobrasmarketview.com/2024/04 ... ay-update/

[Cobra]

It's a morning hourly hollow red

[Cobra]

No sharp rebound in the next couple of bars then it's a downtrend day.

[Cobra]

EMA20 now is the bear's last chance today for the 2nd leg down.

[Cobra]

Members only update at 12:12 pm
http://www.cobrasmarketview.com/2024/04 ... ay-update/

[Cobra]

Breakdown to a new low, now let's see whether the classical breakdown then sharp rebound happens again, which if indeed with good looking bull bar then chances are the low was in. Key time.

[BullBear52x]

Swing setup: buy failed, rip will be sold.

Intraday: new swing low, bearish bias, now let see where the close is . lower closed will be a major win for bearish TA all the way to a daily trend following to sell.

Internals: bearish bias, ($VIX >18) fearful market to continue, surprise will be to the down side. it's Friday, trade well, Peace!

[BullBear52x]

Bonus chart: This type of $VIX is no friend to diamond hands.

[Cobra]

Members only update at 3:38 pm
http://www.cobrasmarketview.com/2024/04 ... ay-update/

[Cobra]

Some chances of double bottom here as a down from open to close day has been rare, very rare. Just it's too late for a double bottom.

[Cobra]

Members only update at 3:55 pm
http://www.cobrasmarketview.com/2024/04 ... ay-update/

[Cobra]

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449377