05/23/2024 Live Update

[Cobra]

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Breakout of the consolidation range then kiss the breakout point goodbye then resume up, so the breakout likely is for real.

[JFR]

ES daily.

Poking its nose above 5333.

Uncertain breakout at this time. A test.

But the bulls are trying some heavy lifting.

Way above the EMA 20 and the trendline.

A handful of dojis in a row --> indecision.

[JFR]

ES 60 minutes.

Major warfare going on.

Bears big push down late yesterday.

Bulls big push up today.

Then the bears push it down hard again today.

[JFR]

ES 5 minutes.

Very strong bear bar to start the day at the open.

[JFR]

ES 5 minutes.

Finding some support at the Pivot.

Back later ...

[Cobra]

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

[Cobra]

It's a morning hourly hollow red

[Cobra]

Measured move down, probably targeting the yesterday's low.

[Trades w 2 Cats]

Early weekend reading- My best guess

Nvidia and Microsoft are playing the same old cooking the books game we have seen so many times in the past. This quarter the results confirm that Nvidia management is running their old game plan. Interesting that Blackstone is loaning billions to the Nvidia subsidiary Coreweave (run by former Enron guy) secured by processor chips. They are accused of running a CRE secured loan Ponzi fund. Since Nvidia earnings was supposed to be the cherry on top for the new bull market I am thinking the top very well could be in for the summer. We will know in a week or two.

[Cobra]

Maybe the low was in for today.

[Trades w 2 Cats]

Volatility (VIX) options expiring, then more options expiring as we head into next week. Point being the market makers will be loosing their short term grip. In the mean time we are filling in the volume profile.

[Cobra]

Members only update at 12:32 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[BullBear52x]

Swing setup: last sell failed, bears didn't make it, next dip will be bought.

Intraday: new swing high, it is bullish bias.

Internals: bearish bias, there is wind of change on internals, time to review the chart book carefully, good luck, Peace!

[Cobra]

Generally I won't believe it's a double top here but let's see.

[koolblue]

[BullBear52x]

ES 06-24 (20 Minute) 2024_05_23 (8_55_14 AM).png
Volatility (VIX) options expiring, then more options expiring as we head into next week. Point being the market makers will be loosing their short term grip. In the mean time we are filling in the volume profile.

Look at the recent first LL, the HV area and LV of those two days, we are going no where with poor high, today's high can mark the excess, time and price auction completed? down from here? I need to see a clear LL to say we will head back to fill all the poor auction vacuum left behind

[Trades w 2 Cats]

Thinking the same thing, unfinished business. There is that Keynesian quote about markets staying irrational longer than you have capital to invest. But it does look like the Ponzi capital is pulling the surplus out of the market.

The Nvidia pin bar at the top certainly could be the capitulation of this run but it just never seems to turn out so neatly.

[BullBear52x]

This dip will be bought, first thing first. RSI > 30 = Trigger.
React!

[Cobra]

This bear shall have legs.

[BullBear52x]

Day traders' heaven.