03/23/2018 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 info@cobrasmarketview.com.

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

not sure if the low was in or not, the general case should be another test of the low before a bottom can be possible.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2018/03 ... ay-update/

[Daniel]

Backdrop for the AM session, from Briefing.com:

China has urged the U.S. to "pull back from the brink" after President Trump signed a presidential memorandum on Thursday to implement tariffs of up to $60 billion on Chinese imports -- which he says are a response to China's alleged intellectual property theft against U.S. tech companies. Beijing said it plans to retaliate, as expected, but its proposed response is softer than many were anticipating, calling for duties of just $3 billion on U.S. imports -- which is barely a drop in the bucket of the overall value of imported goods to China.

Overseas, equity indices in the Asia-Pacific region were hit hard on Friday, with Japan's Nikkei tumbling 4.5%.

Separately, President Trump said he's considering a veto of the Omnibus spending bill, which Congress passed last night.

[fehro]

/ES test Mar 2nd spike down.. possible mid channel…couple side notes…. we have had 17 moves of over 1% in the last 7 weeks.. vs 10 moves in the prior 13 months to Feb. Also the 1987 crash started with a gap at/under the 200d sma.
Gann cycle 55 days?… supposedly very similar now, to 1987, 1929 … fwiw. Be prepared for a VERY extreme move. .. hopefully not.

[Daniel]

265 on SPY had been a widely-watched support level, now this morning's opening surge has stalled there, at least so far..

[Cobra]

mini target. exceeds it then bulls have hopes, otherwise forget them.

[Daniel]

NYSE up/down volume is fairly positive, about 3/2.. while Naz is the reverse, somewhat bearish, ratio about 2/3. NYSE advancers were very strong at the open, have backed off quite a bit since then.

[Daniel]

Opening up gaps on R2k and SPY have filled. (Naz opened down)

[fehro]

/ES test Mar 2nd spike down.. possible mid channel…couple side notes…. we have had 17 moves of over 1% in the last 7 weeks.. vs 10 moves in the prior 13 months to Feb. Also the 1987 crash started with a gap at/under the 200d sma.
Gann cycle 55 days?… supposedly very similar now, to 1987, 1929 … fwiw. Be prepared for a VERY extreme move. .. hopefully not.

/ES takes out oLOD.. look to SPX gap fill? 2622-2618ish

[Daniel]

Here comes the bullish counterattack, led by AAPL (well off its lod, now grn).

[brokebybernacke2]

/ES test Mar 2nd spike down.. possible mid channel…couple side notes…. we have had 17 moves of over 1% in the last 7 weeks.. vs 10 moves in the prior 13 months to Feb. Also the 1987 crash started with a gap at/under the 200d sma.
Gann cycle 55 days?… supposedly very similar now, to 1987, 1929 … fwiw. Be prepared for a VERY extreme move. .. hopefully not.

If bounce fails today (imo 2666 must close above), there is an air pocket (2642 to 2585) to the 200ma, your scenario could play out next week (albeit no where near 1987% move), a good move down none the less. SHOULD bounce there. if we fall thru those mid to high 2500s, wild times yes.

[te_fern]

Wild day yesterday afternoon. Need the SPX to establish a base and start to move higher....

[Cobra]

morning hourly filled black bar

[Daniel]

XLE up >1%. USO up 1.5%

[fehro]

XLE up >1%. USO up 1.5%

oil rolls over market rolls over…. oil been keeping us "up" … Oil futs in Yuan… start trading Mar 26th in Shanghai… so Sunday night?

[Al_Dente]

GDX up +3.1% today
USO +1.7%

[te_fern]

Levered Gold Miners up 9% today....

[Daniel]

UUP found support around 23.40 twice previously in March. Currently there again (23.42)

[fehro]

Weeklies… QQQs… thats some fugly weekly candle with a gap…

[te_fern]

Breaking today's low could be bad news.....