08/02/2019 Live Update

[Cobra]

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no idea up or down from here, the bias is down.

[JFR]

Trump's tariffs hurt European stocks

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2019/08 ... ay-update/

[JFR]

Big picture. ES daily. Very sharp pullback. Time to tighten the belt some more.

[JFR]

Overnight gap down on ES, NQ, YM and IWM.

AFK for a bit ...

[BullBear52x]

/ES 21ish come to mind. sell first ask question later.

[BullBear52x]

Big picture

[brokebybernacke2]

Big picture

BB52 nice , agree, my bullish ideally want that undercut for shot at good reversal , watching 2830ish for nice bounce, but may not get through that green zone, but some bear damage for sure here, expect slide into next week. was Heck time!

[BullBear52x]

Short term support at 61.8% is another key level to watch too.

[Cobra]

members only update at 10:00 am
http://www.cobrasmarketview.com/2019/08 ... ay-update/

[Cobra]

consolidation, bias is down.

[Al_Dente]

[sources: CNBC's Eamon Javers, Bloomberg, and GS]
Turns out that yesterday’s damaging tariff tweet was reviewed before he tweeted it.
A number of officials were in the room with President Trump as he drafted the Tweet, advising him on language. Among those were: Mnuchin, Mulvaney, Navarro, and Kudlow.
“…acting Chief of Staff Mick Mulvaney talked Trump through the market effects of increasing the China tariffs... “
Trump, was not concerned about a drop in Dow… he believes that if he keeps escalating the trade war with China, Powell will have no choice but to eventually cut rates to 0%.

[BullBear52x]

$VIX is at 19, once it hit 23 that is when you second mortgage your home to buy. just saying .

[ccash04]

QQQ and SPY well below daily BB, it can keep going lower, like the R/R on buying now much more.

[Mr. BachNut]

The NYMO decided to resolve its consolidation downwards and the down cycle continues.
We are still a ways from the turn zone and a long way from the oversold zone.

Price has picked off some down gap targets while opening up some up gap targets for later.
We have passed below the middle keltner band with just a bit of pause and are now playing with the 50 day MA.
There is a gap target right by the 50 MA. So, let's watch and see if this neighborhood gets some kind of reaction.
If the 50 MA doesn't show some support, it is reasonable to say gulp!

The unfinished business of the unresolved benchmark at the last NYMO high of SPX 2958.06 has been resolved. (pea green line)
It is healthy for the market to realign price with breadth.
Note there remains another benchmark way down at SPX 2595.32 that is lurking out there.
That should not be in the cards this deal but maybe a deep fall correction could go there if it doesn't want to wait for the next bear market.
However, clearing out some more of the open gaps clustered between here and the lower keltner band may have reasonable prospects. We shall see.

I am short SPX. I have taken two scales and retain a runner position with a breakeven stop.
Things moved fast after my last post!
I have a setup to short the R2K that is balking due to oversold conditions near a support area.
I am slow as a turtle. So, blitzkrieg moves like this will leave me at the station on some trade ideas.
So, plan is to do nothing at this point but let SPX runner run.

[Cobra]

break the day low with a strong bear bar then downtrend day is likely.

[BullBear52x]

Greed kills, take half off the table.

21 Ding ding ding

[Mr. BachNut]

Gulp! 50 day MA provided about 20 minutes of support before giving way.
It was not bought.

[brokebybernacke2]

Greed kills, take half off the table.

21 Ding ding ding

wise, but this thing real rough on buy the dip folks

[BullBear52x]

support here or next south bound stop will be a long ride.