09/05/2024 Live Update

[Cobra]

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Breakdown is a little bit more likely as I don't remember I've ever seen a flat bottom like what we have now.

[Cobra]

Members only update at 10:18 am
http://www.cobrasmarketview.com/2024/09 ... ay-update/

[Cobra]

Could be a downtrend day so maybe we won't see a classical breakdown then rebound here.

[Trades w 2 Cats]

Working into the void. No elevator drop so far they don't want to see the gap filled. Looking stronger for Panda Master Wu's alternate count of the truncated wave 5

[Trades w 2 Cats]

SPY showing the gap and demonstrating how it refuses to listen to me about where to go next

[JFR]

ES daily.

On SPY, it did hit the previous high, within pennies. Not quite on ES. It is acting like it hit on ES, although it is obviously short of that.

And now it is pulling back. Lots of room and targets below.

Day 3 of the descent.

[JFR]

ES 60 minutes.

Strong bear day on Tuesday.

Tried to move up on Wednesday.

Today it is taking the plunge, down through the pivot, and trying to move beneath S1.

[Cobra]

Consolidation, bias is down.

[Cobra]

Members only update at 12:00 pm
http://www.cobrasmarketview.com/2024/09 ... ay-update/

[Trades w 2 Cats]

Overnight low was support, now resistance.Waiting to see what happens during the POWER HOUR as the big boys prep for payrolls.

On paper the Fed rate cut is already priced into the market. Second issue is Wall Street now knows that the initial headline jobs number is greatly exaggerated at least 75% of the time. Si I have zero idea of what a good or bad number will mean to the market. Good thing I am just a price action day trader.

[Cobra]

Strong rebound so the low might be in for today.

[Cobra]

Consolidation, bias is up.

[Cobra]

This is new as in the past it'd be up and up till the close so the sentiment may now favors bears.

[Cobra]

Members only update at 3:36 pm
http://www.cobrasmarketview.com/2024/09 ... ay-update/

[Cobra]

Members only update at 3:52 pm
http://www.cobrasmarketview.com/2024/09 ... 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