05/16/2024 Live Update

[Cobra]

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list HERE. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

• Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, Please subscribe my Daily Market Report.

• Personal attack on any board members won't be tolerated. Please limit your topic to trade related only.

• Please no direct link to your personal web site or blog. You must post rich contents here. You can, however, put link to your personal web site or blog as your signature.

• I'm very busy during the trading hour, so your question posted on board might not be answered. For a guaranteed answer to your question please send email to cobra@cobrasmarketview.com.

===============================================================================================================================

The pullback overnight looks like a bull flag so bias is up.

[Cobra]

Members only update at 10:11 am
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[Cobra]

No sharp pullback in the next couple of bars then it's a confirmed uptrend day.

[BullBear52x]

We don't know which overbought or oversold is the very top or the very bottom, but we do know it's due for a correction. we are at the overbought and ready for a relief rally pull back. Patience, React, and Don't predict.

[BullBear52x]

Intraday made simple, last buy failed on this simple momentum trade. there is negative price action at hands.

[BullBear52x]

Intraday: new swing high, it is bullish bias, lots of support below. the red line is key reversal for counter trend.

[BullBear52x]

Today is fast and smooth on here Cobra.

[Cobra]

Maybe 51% chances of lower high (red arrow) therefore the high was in for today.

[Cobra]

Members only update at 12:25 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[BullBear52x]

Swing setup: no change, let it rises, dip will be bought until then will we know if there will be a change in trend, for now. bias kills.

Internals: bearish bias today, bears are roaming, know where your money is......Peace!

[Trades w 2 Cats]

It seems that the quick drop was the Fed RRepo announcement at 1:17 eastern. Demand down some from prior.

[JFR]

ES daily.

A doji. Sideways action at the top.

Needs a resolution, in its own good time.

[JFR]

ES 60 minutes.

From box to box.

Now in a very tight trading range.

Needs a breakout.

[JFR]

ES 5 minutes.

Chopping along.

At the bottom of the range as seen on the 60 minute chart above.

[JFR]

We don't know which overbought or oversold is the very top or the very bottom, but we do know it's due for a correction. we are at the overbought and ready for a relief rally pull back. Patience, React, and Don't predict.

"Don't predict." Agreed. Prediction is fantasy.

You could say here are five possible outcomes, or ten. And you would have it covered.

Or even three possible outcomes: Up, down or sideways. Ha ha. "I nailed it. It went up. I am a genius." Ha ha. (If you are wrong, stay quiet. Ha ha.)

Play what you see with the odds in your favor.

We do know some things. Unless there is a supernova, the sun will rise tomorrow. And in all likelihood, the stock market will resume its upward bias at some point.

The sun will rise and set tomorrow. I will take that bet.

That tanker will keep on plowing forward for the next while. I will take that bet.

For those of us who play the technical analysis stock market game, place your bets.

Warren Buffett bets on value, and he has won one helluva lot.

[Cobra]

Members only update at 3:36 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[Cobra]

Members only update at 3:51 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[Cobra]

Well, guess that's it for today, here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

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/ ... /533449397