09/03/2020 Live Update

[te_fern]

Ok, playing a small FANG bounce....

[Al_Dente]

what would bb52x say?
don't get greedy; greed kills
close shorts for a slight turn
then wait for setup for new short

[te_fern]

Front running a little, but like the 3500 area support....

[Cobra]

No sharp rebound here then it'd be downtrend day. For now I can only say this bear shall have legs. Down from open to close day has been rare, so be ready for a late day rebound

[Mr. BachNut]

The NYMO cycle remains down.
It has been in negative territory since August 18th.
Yesterday may have completed a corrective move back to the zero line. Time will tell.

We have closed a down gap target and opened a new potential up gap target this morning.
I think yesterday was a record with 15 total down gaps outstanding.
Not to sound bearish, but the stack of remaining down gaps looks like an air shaft.

We are well above the upper keltner band, which is short term bearish but big picture bullish.

The benchmark price for this NYMO down cycle is SPX 3363.29 (pea green line on chart).
The NYMO model says price should be below the benchmark at the NYMO cycle low.
If it fails to do so, that benchmark becomes unfinished business that will complete in a subsequent cycle.
So, perhaps today's drop is the start of a move toward the benchmark. We shall see. I don't know what will happen.

I remain long some SPX with a breakeven stop having scaled out two profit units.
I remain short some R2K. I thought this would stop out, but it has hung in so far.

[Cobra]

Volume surge so maybe a rebound here first which likely would be sold later.

[te_fern]

should have followed my own advice. Learn something everyday...

[te_fern]

Stopped out.

[Cobra]

Widest red bar plus volume surge, so the rebound or consolidation should be here which likely would be sold though.

[Mr. BachNut]

Things change fast.
Now flat SPX after BE stop.
Just took 1st profit scale on R2K short.

I remain long some SPX with a breakeven stop having scaled out two profit units.
I remain short some R2K. I thought this would stop out, but it has hung in so far.

[Al_Dente]

short internals

[te_fern]

Maybe time to start nibbling....

[Al_Dente]

key sectors %
10 days

[Cobra]

Members only update at 12:10 pm
http://www.cobrasmarketview.com/2020/09 ... ay-update/

[Al_Dente]

Some hot JUICED ETFs (intraday, 15 second refreshed)

[te_fern]

Well, been chewed up some trying to play the long side on bounces and then got stopped out of a short. Think I need to call it a day! LOL!

[Cobra]

Now let's see whether bulls can make a double bottom here. Need at least 2 consecutive strong bull bars in order to have some chances.

[Cobra]

The very first strong bull bar, now let's see whether the current one can be strong too.

[Cobra]

2 strong bull bar so now bulls have 50% chances. The next confirmation is the mini target (tinted area), exceeds it then bulls finally may have chances.

[Cobra]

Maybe time to start nibbling....

Good call. I had a little doubt, almost replied to you saying looked like more up from here but then I realized your call made sense.