06/03/2022 Live Update

[Cobra]

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Lower high therefore the rebound was over, or not, wait and see. All depend on NFP data which has been down 6 of the last 9.

[cletus]

Professionals exited their positions into the close yesterday on the NQ futures at aleast. Clear as day on the charts. Markets have likely peaked and are heading into a downtrend.

[koolblue]

If we head noth the rest of the day, 4212-15 could be seen

[koolblue]

Waiting for 4112.50.. Iwould say 4110 is my line in the sand.. And the horizontal line marks a cycle low (10;;00- 10:30 ) . Should be a good long scalp (fingers crossed!)

[Cobra]

Members only update at 10:00 am
http://www.cobrasmarketview.com/2022/06 ... ay-update/

[Cobra]

It's a morning hourly hollow red.

[te_fern]

Seems to be bouncing between the two lines.....

[Trades w 2 Cats]

Interesting chart from ZeroHedge. What they do not show on the chart is the large number of DotCom stocks that went to zero. Waiting for op ex next week, then I think we will have a better idea of where things are heading.

[cletus]

Markets will probably crash "black style" down to 3,650 in the coming week or two. Feeling crashy

[cletus]

I am not seeing professionals active (based on trade size) on NQ today at all. They are short and they are not covering.

[te_fern]

Heading down so far. bouncing here some, maybe a turn...

[te_fern]

No turn, kept going...

[Al_Dente]

Box theory: trap above, then moves down to test the bottom line of the box
5m

[Cobra]

Consolidation, breakdown is more likely which should confirm it's a downtrend day.

[koolblue]

the avg daily range is 108 points . the current high is 4189.

[Cobra]

Members only update at 12:30 pm
http://www.cobrasmarketview.com/2022/06 ... ay-update/

[Al_Dente]

THE BOX (aka horizontal channel), my favorite pattern
EITHER
1) it pops convincingly above the potential-double-top, wherein all shorts scrable to cover, creating a short squeeze and heading for the cyan target up
OR
2) It fails/TRAP at the double top (often on a gap down like today), the longs have to scramble and quick get out of longs and go short as we test the bottom line of the box
TODAY WAS #2
As we now test the downside cyan line of the box:
if it falls shy of that bottom line, in other words creating a higher low (like now), and it starts moving toward the top line of the box, that is bullish....
Obviously this can all change in a blink
5m

[koolblue]

Well it looks like they want the black avg on the 30 min chart.Or the fib at 4141. Ugh! i went long at 4109 and chickened out at the first fib at 4124.. Couldnt take a chance for 4140 0r 4144. i m afraid when it turns south, it could easily make lower lows!

[Cobra]

Maybe the range low was in, now pullback from the range high?

[cletus]

Professionals are coming in at 12,550 on NQ. Looks like this might be the low for today at least. We are in the process of topping, but it could take some time.