Cobra's Market View

The pullback probably will be bought.

Cumulative Delta going to neutral. 4040 seems to be a major tractor beam. Looks like the Boyz could be done buying for today.

"Apple layoffs have been avoided for three reasons, as other tech giants let staff go
https://9to5mac.com/2023/01/23/apple-layoffs-avoided/

This market is insane , I still belive we can have today reversal bar and Cobra bearish bias is correct.

Chart on left is structure previously shown. Chart on right is current price action. Really impressive up move. Retest at some point of prior double top, top of range noted or at the very least $400. Wyckoff Phase E of structure.

Earnings due this week:
Tuesday, January 24: MMM, JNJ, VZ, TXN, MSFT
Wednesday, January 25: T, BA, IBM, TSLA
Thursday, January 26: CMCSA, DOW, INTC, MA, V
Friday, January 27: CVX, AXP
Also this week: S&P Case-Shiller Home Price Index, new home sales, durable goods orders, and consumer sentiment ...

A lot more excitement on the re-test of the high

Reversal tracker, search for bearish reversal continue. we may get as high as December high on this run. U/D volume >2 with TRIN < 1 the buying pressure is strong. if we closed with TRIN > 1 then there is chance of a bull trap, for now I don't see it as such.

Short term momentum are bullish bias. until all this changing the earning report can really give a good boosting until a clear reversal daily bar shows up, for now find excuse to buy.

Intraday: no negative price action until the last dip buying failed, top red line.

The pullback probably will be bought again.

Another buy dips setup. until they are starting to fail then bears will have a say. very active 2023 haha, love it!

TRIN reading .88, /ES 4030 magnet, a trade below that will be no good for bulls tomorrow.

TRIN is now .94 a greater than 1 by time we close will be really bad sign for bulls.

The rebound might be sold. It's a rare failed uptrend day, but still the first touch of EMA20 got bought.

Tomorrow will be easier for day trade now that swing buy setup triggers, intraday box trade map. keep it simple. Peace!

Just a reminder, Michael Wilson and Michael Harnett (Morgan Stanly and B of A) have the best track record of public pronouncements being correct over the last couple of years.

Wilson says "Our work shows further erosion in earnings, with the gap between our model and the forward estimates as wide as it's ever been. The last two times our model was this far below consensus, the S&P 500 fell by 34% and 49%."

Personally, if I was writing a narrative, I would be calling it "The False Dawn". Because Wilson has lots of support for his work and the implication is clear, we will get an adjustment down for earnings and I imagine a reduction in multiple giving us the second leg down in the market.

Textbook Retest per my previous post. As long as we don't push back into range, I will plan for more upside. Ready to ditch long but need to see sign of Wyckoff failing. I'd be happier and more confident if we could close above $400.