04/06/2020 Live Update

[JFR]

Dow 30. A sea of green. Led by RTX, AXP and BA. PFE and PG trailing.

[JFR]

ES 5. Pushing up above the pivot.

[Heck]

BRK/B Target - 49 %
From 184.81 to 94.27

[JFR]

ES 5. Trying for a jail break.

[Cobra]

The breakout is too late so I'll treat the day as a range day even the breakout is for real (don't know yet for now).

[Al_Dente]

15min
AD volume is half that of AD issues, but both are bull atm

[Al_Dente]

CUOMO
https://www.youtube.com/watch?v=31QFXvl5u_g

[Mr. BachNut]

If you had asked me Friday, I would have said it looks like a setup for a breakdown.
Someone called the cavalry over the weekend...

The NYMO cycle remains up.
The model needed a down NYMO close today to reverse.

Pricewise, we substituted one gap for another this morning, with the fresh one down at friday's close.
We have cleared last week's gap sandwich, but made a wider one in the process.

It is looking like a break of the March 31 high would set up a negative NYMO divergence, which would be interesting.

Two weeks ago, I posted a few pathways given what tends to follow NYMO hitting the upper turn zone:
1) NYMO stays elevated and spends time (usually choppy) in the upper turn zone = This is an initial price thrust and price will likely keep climbing.
2) NYMO reverses sharply = Price reverses sharply too.
3) NYMO eases off gradually = Price consolidates and churns perhaps with upward bias and perhaps with mild corrective move at some point.
At this point, I believe we have eliminated 1 and 2.
So, I think the lean is for churn ahead perhaps with an unpward bias (maybe to snag another up gap target or two?).
A corrective move that breaks last week's low has odds at some point. Ideally, it would test the 3/23 low, but we shall see.

I am still flat.
I had short setups in play for a break of Friday's low that look to be kaput.
So, we watch and wait.

[Cobra]

Members only update at 12:10 pm
http://www.cobrasmarketview.com/2020/04 ... ay-update/

[Heck]

New highs don't lie

Uptrend our friend

[JFR]

ES 5. Pulling back from resistance, just beneath the pivot.

[BullTart]

BullTart's valuable analysis of TVIX, VIX, was spot on
THANKS
60min here
on approach to the top of the cyan BOX resistance on SPX
This is no secret; it's everybody's resistance line
I know my fib looks a bit wacky, but it's pretty accurate
46sixty.png.png

Thanks! Made a good trade trade with my UPRO positions from last Fri.

Now, wave and trading analysis from that earlier link shared (https://www.brookstradingcourse.com/mar ... ll-climax/) takes over, and I do believe we will hit 2700, and then 2800 before with Wave 2 counter-trend rally is over.

Perhaps, and this is just a guess because news is always a backward "story teller", the top of wave 2 will come when we are deep into earnings and the fundamentals of the economic crisis takes the baton from the health crisis.

[Al_Dente]

Ordinary people are incredibly creative.
This guy in the U.K. hosted social distancing “Driveway Bingo” for his neighbors, to help ward off boredom.
Prizes included toilet paper, easter eggs and booze.
https://www.youtube.com/watch?v=HzKwbw6v9QQ

[Al_Dente]

BullTart's valuable analysis of TVIX, VIX, was spot on
THANKS

Thanks! Made a good trade trade with my UPRO positions from last Fri............and I do believe we will hit 2700, and then 2800 before with Wave 2 counter-trend rally is over.
Perhaps, and this is just a guess because news is always a backward "story teller", the top of wave 2 will come when we are deep into earnings and the fundamentals of the economic crisis takes the baton from the health crisis.

Boss: Why UPRO instead of SPXL or TNA or TQQQ??

[Cobra]

Consolidation, bias is up.

[te_fern]

Resistance line we climbing....

[Al_Dente]

Best on my narrow list today:
NAIL (3x homebuilders and Supplies) +42% today
XHB, the nearest underlying (1x) is up +12% today

I've been watching for XLI industrials to kick in with the potential infrastructure funding talk...
Homebuilders surprised me... but they include lowes and home depot and etc. (I don't even know if they are shutdown ??)
... maybe folks are working on DIY projects while on lockdown ???

[JFR]

BA. Getting some luft.

[Al_Dente]

aggressive sectors %
since the 2/19 high
daily
orange is health

[JFR]

ES 5. In a base, riding the EMA 20. Back later ...