05/01/2024 Live Update

[Cobra]

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Double bottom or not, wait and see.

[koolblue]

[koolblue]

[BullBear52x]

New swing low again, buyers will have to work hard to turn things around. bearish bias.

[Cobra]

Members only update at 10:03 am
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[Trades w 2 Cats]

Well, at least we are forming a recognizable volume shape so far. I am guessing the option markets are showing a ton of cheep bets both ways with those 0 DE options. If so they will increase volatility as the market makers have to hedge as the positions are put on.

[Trades w 2 Cats]

At 8:02 Pacific time the Fed whisperer (Nick Timiraos at WSJ) said the June cut is dead (we knew that) and that this meeting starts the pivot to hawkish for summer. If you were wondering why the rug pull!

[Trades w 2 Cats]

Mag 7, Nvidia is really red along with Tesla, other 5 are green, I have no idea what that logic is.

[Trades w 2 Cats]

Returned to the scene of the crime for Nicks story on the Fed, so Market doesn't care. Maybe the big boys have their put insurance.

[Cobra]

Nothing to say, it's in a range, waiting for the 2pm roller coaster show I guess.

[Cobra]

Members only update at 12:08 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[BullBear52x]

sellers were cautious at this level. I will use my red line as a pivot, sellers be careful of a bullish piercing, it could rebound right back to 38.2% in a hurry.

[Cobra]

The bottom line has been tested many times so a breakdown is more likely now.

[BullBear52x]

Swing setup: rip will be sold, Fed or no Fed. lets rock and roll today.

[Cobra]

Show time. Seems the market wants to go up!

[BullBear52x]

Paused rate. no change, Q and A session will be another big move on.......whatever

[Trades w 2 Cats]

Who ever turned on the machines to run the market back up to the much beloved 5110 level did not wait for a meaningful comment from Powell. His talk that they are far away from a hike came well into the move.

[Cobra]

So up as I said. The FOMC day usually closes a little weaker though so maybe a pullback of some kind before the close.

[BullBear52x]

This rip will be sold, until this setup fails, then bulls will have a say. I am not sure if it will trigger today or by end of day. first thing first. (RSI<70 = trigger)

[Cobra]

Members only update at 3:35 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/