02/10/2022 Live Update

[Cobra]

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Pennant so bias is up, very close to the resistance so breakout should be more likely.

Flat open so likely it's just a range day.

[JFR]

ES daily. Testing the line of resistance. Then a harsh backing off.

[JFR]

ES 60 minutes. Five minutes of hell for the bulls.

[JFR]

ES five minutes. Crash all the way down to S1. Looking for support there, but it looks very unstable.

[JFR]

SPY 15 minutes. Eyes on the Pbar of Wednesday. The roller coaster makes its long climb up the lift hill, and then thunders down the first decline.

[JFR]

ES five minutes. Falling off a cliff.

[JFR]

ES five minutes. Gheesus. It's a shark tank. Got caught going the wrong way, as it teased a further drop. Then it headed south again and hit my target. "Be careful out there." Ha ha.

[JFR]

SPY 15. It hits the Pbar to the number. Now trying to find some support. Looks like a crazy day under way, and the stock market has not even opened.

[JFR]

"Aye, there's the rub." -- Shakespeare

Inflation Report

But the big news before Thursday's market open will be the January consumer price index. The Labor Department will release the CPI report at 8:30 a.m. ET. Economists expect to see the consumer price index up 7.3% vs. a year earlier, above December's 39-year high of 7%. Core inflation should hit 5.9%, up from 5.5%.

Month to month, economists see the consumer price index up 0.5% overall and for core CPI.

The Federal Reserve is going to start raising interest rates in March, with some speculation of a 50-basis point hike, so a hot inflation reading could trigger stock market selling and spiking Treasury yields. But a tame inflation reading could fuel a relief rally in stocks and bond prices.

https://www.investors.com/market-trend/ ... ey-twilio/

[JFR]

Alternatives. Looking for a safe haven? Long DBC and UUP, if you like. Ha ha. Be quick on the draw. Shoot first. Ask questions later. In other words, day trade. Hold overnight at your peril.

[JFR]

ES five minutes. Nice bounce up off support, up through the EMA 20.

Back later ...

[JFR]

SPY 5 minutes. Pbar to the previous close.

Later ...

[Cobra]

Members only update at 10:13 am
http://www.cobrasmarketview.com/2022/02 ... ay-update/

[Cobra]

It's morning hourly hollow red

[Al_Dente]

TWTR rose 4% in premarket trading after the social media company announced a new $4 billion share buyback program

[Mr. BachNut]

Taking a look at the VIX chart, there are down gaps at 19.96 and 19.19.

Since shorting volatility became a thing, spikes above 20 have tended to to and fro their way back down to eventually make a low below 18.
We are presently in one of those downward moves.
Next week is OPEX and VIX futures expiration.
I don't know what will happen, but Mr. Market may want to close those gaps and perhaps head into VIX bottoming territory.
Doesn't have to, but if so, SPX may have some tail wind.

I am long R2K with one profit unit scaled out.
Still neutral SPX (short and long) with a long setup in the oven.

[Cobra]

Break above the yesterday's high in the next couple of bars then it's an uptrend day.

[Al_Dente]

Inverse H&S on IWM
cyan target is 220
60m

[Mr. BachNut]

Inverse H&S on IWM
cyan target is 220
60m

Thanks Al. It's nice to have a target.

[Trades w 2 Cats]

This morning Morad (FuturesTrader71) suggested looking at the profiles without price bars as the levels are pretty clear.