08/17/2022 Live Update

[JFR]

SPY 5 minutes. Price action. Ummm, make that price no action.

[koolblue1413]

It could be we mish mash now till the Fed minutes are released

[Mr. BachNut]

The NYMO cycle nominally remains UP, but as of this morning it looks set to put in a lower low with a lower high as it approaches the zero line.
The model won't declare the cycle formally down until we get two negative closes.
That said, the July 29 NYMO high is looking like the cycle high IMO.
For giggles I have marked (pea green line) the benchmark SPX level at that high (4140.12).
The model indicates an edge (not a guaranty) for price to tag that level in the next down cycle.
Benchmark levels always get tagged eventually if they don't get cleared in the next cycle, but they can be stranded for a long while.

Price appears to be finding some resistance at the 200MA and the declining tops line from the January high.
We now have five open gaps above and eight below.
Interestingly, the upper keltner band has turned up and been rising.
Until price tags the upper band, bears have the bias.
Bulls have made a strong surge here, but the upper keltner says they still have work to do to take control.

I remain long reduced runner positions in SPX and R2K.

[Al_Dente]

SPY 5 minutes. Price action. Ummm, make that price no action.

yeowch that's a box. Thanks boss

[te_fern]

It could be we mish mash now till the Fed minutes are released

I should probably sit on my hands for a while, I'm always on the wrong side of that action.......

[JFR]

GLNG. Golar LNG. Energy. Also posted back on February 28.

Headquarters in Hamilton, Bermuda. Founded in 1946.

Its fundamentals are somewhat shaky. But the market likes it.

Slim pickings today from the scans.

Golar LNG Limited designs, builds, owns, and operates marine infrastructure for the liquefaction and regasification of LNG. It operates through Shipping and FLNG segments. The company engages in the operation and chartering of LNG carriers, Floating Liquefaction Natural Gas Vessel (FLNG), and floating storage regasification units (FSRUs), as well as operates external vessels. As of December 31, 2021, it operated nine LNG carriers, one FSRU, and three FLNGs. The company was founded in 1946 and is headquartered in Hamilton, Bermuda. -- Yahoo Finance

Meantime, Energy is the only sector in the green today. Oops, XLU a tiny bit into the green.

[JFR]

SPY 5 minutes. Price action. Ummm, make that price no action.

yeowch that's a box. Thanks boss

You are welcome, Pasta Boss.

[JFR]

ES 5 minutes. Just as we talk about no action, the market pushes down beneath support.

Taking a break ...

[Al_Dente]

The SHORT view
SHORT
5m
Conservatives might wait for SPXS to backtest to see if it can hold

[merryme]

[Cobra]

Members only update at 12:06 pm
http://www.cobrasmarketview.com/2022/08 ... ay-update/

[Cobra]

Guess we had the range low.

[merryme]

Respecting the black pitchfork...good info.

[JFR]

ES 5 minutes. Down to S2. From S2 up to 4275, where it hits the brakes.

[JFR]

Alternative assets.

Lots of downers: IAU, IYR, SPYG, SPYV, TLT.

UUP up.

DBC and USO up slightly.

[JFR]

ES 5 minutes. Breakout attempt, eyes on S1.

[Al_Dente]

There's only one stock holding up the QQQs intraday

[Cobra]

Kind of Head and Shoulders Bottom breakout. Nowadays anything related FOMC, it's up, typical.

[Al_Dente]

good grief.... they wouldn't even let the bears have one single day

[Al_Dente]

"Fed sees interest rate hikes continuing until inflation eases substantially, minutes show"
https://www.cnbc.com/2022/08/17/fed-min ... 2022-.html