02/05/2026 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 [email protected].

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

Possible 3 push down so a rebound might be due.

[Cobra]

Members only update at 10:02 am
https://www.cobrasmarketview.com/2026/0 ... ay-update/

[Cobra]

Good rebound but it's just the very first step toward a bottom.

[Trades w 2 Cats]

Prior two days we had a one down two up pattern, I have put the fibs on the chart. Today we had a double bottom and it cam earlier in the day. I am thinking things are getting oversold. Some saying if we don't close the gap today it could get ugly on Friday.

[Trades w 2 Cats]

Getting past the heavy congestion. Low volume node is a tempting target around 6880

[Trades w 2 Cats]

Not looking good. Today is not following the pattern from earlier in the week. Looking like support will not hold, maybe we test the days lows.

[JFR]

ES daily.

Another sell-off day, no doubt bad jobs report related.

Huge bearish marubozu candle.

Touvhing down to major support level.

[Trades w 2 Cats]

A very orderly decline, as in hard to scalp, but sticking to the channel.

Pretty clear that following Alphabets disclosure of their future bets on AI spending stock fell hard on good earnings.So AI data centers and bit coin are all related and in a down move. Add in the software as service sector dropping hard because it appears that AI code will allow big organizations to write their own version of Sales Force etc and you have the consensus from the media for the cause of the sell off. Real issue is will this be a garden varity correction in a bull market or will we get some spectacular blow ups as over leveraged positions are force closed.

[Cobra]

Possible higher low (green arrow).

[Trades w 2 Cats]

Clean breakout of the down channel

[Trades w 2 Cats]

Nice wedge

[Trades w 2 Cats]

Red Flags
Did not come close to closing the overnight gap
heading back down to close near the days lows
Will we get a bounce overnight or panic selling

[Cobra]

Members only update at 3:43 pm
https://www.cobrasmarketview.com/2026/0 ... ay-update/

[Cobra]

Members only update at 3:53 pm
https://www.cobrasmarketview.com/2026/0 ... 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