01/24/2023 Live Update

[Cobra]

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Maybe the pullback overnight would be bought? As for now it can be seen as a bull flag.

[JFR]

ES daily.

Pullback from the top of the range.

[JFR]

ES 60 minutes.

Strong move up Friday. Another move up Monday. Pulling back today so far.

[Cobra]

ES daily.

Pullback from the top of the range.

2023-01-24_06-00-49.png

If the gap down is bought again aggressively then definitely more up, the mood has changed.

If sharp down today, then the market has no direction.

[JFR]

ES daily.

Pullback from the top of the range.

2023-01-24_06-00-49.png

If the gap down is bought again aggressively then definitely more up, the mood has changed.

If sharp down today, then the market has no direction.

Yup. Range after range after range lately. No trends.

[JFR]

https://www.marketwatch.com/story/gold- ... od=markets

Gold. Metals. The dollar. Inflation. The Fed. Interest rates. For this trader, it is almost all in the charts.

None of the following is my opinion. It is all sourced information. And I will not try to weave it all together in a riddle for you. (This leads to that, and that leads to this, and here is a prediction, and a historical reference.) Ha ha. Just a morning attempt at humor.

Metals Stocks

Gold hits fresh 9-month high as inflation wanes

Last Updated: Jan. 24, 2023 at 9:06 a.m. ET

First Published: Jan. 24, 2023 at 9:05 a.m. ET

By Joseph AdinolfiFollow

Price action

Gold for February delivery GCG23, 0.16% GC00, 0.16% rose $8.50, or 0.4%, to $1,937 per ounce on Comex.

Silver for March SI00, -0.34% SIH23, -0.34% delivery gained 21 cents, or 0.9%, to $23.70 per ounce.

March Palladium PAH23, -0.02% advanced by $2.60, or 0.2%, to $1,704 per ounce, while April platinum PLJ23, -0.11% gained $2, or 0.2%, to $1,058 per ounce.

Copper for March HGH23, -0.47% fell by 1 cent, or 0.2%, to $4.25 per pound.

Market drivers

Precious metals analysts credited signs of waning U.S. inflation with helping to boost the price of gold by making it easier for the Federal Reserve to pause its interest-rate hikes, or even switch back to cutting rates.

“With the U.S. dollar on the backfoot, inflation rates around the world coming down and the Fed more likely to tone down its hawkish rhetoric rather than ratchet it up, gold has been enjoying a strong revival over the past three months,” said Raffi Boyadjian, lead investment analyst at XM. “As long as inflation continues to come down and not prove sticky, gold’s uptrend should continue.”

[JFR]

ES 5 minutes.

Once again, testing a key support level.

[BullBear52x]

Same playbook on this corner.

[BullBear52x]

/ES 4030 the magnet, Key pivot on intraday.

[BullBear52x]

Turn around Tuesday?

[Trades w 2 Cats]

FT71 morning broadcast said yesterday was unusual. Market moved up but Delta was neutral with large lot buying and selling absent or cancelling. He said most of the up move was by small traders (lots size 9 or less) so yesterday's move counts as weak hands who will sell out quickly.

[Trades w 2 Cats]

OK hal;f hour into the day and the gap is still open.

[Cobra]

Members only update at 10:10 am
http://www.cobrasmarketview.com/2023/01 ... ay-update/

[Trades w 2 Cats]

Still working with these volumetric bars. Needing to find the right size, too little info wastes screen, too much obscures where the liquidity pools are.

[Al_Dente]

MMM is the worst performer today in the OEX-100 large caps
reported earnings this morning
https://finance.yahoo.com/news/3m-repor ... 00875.html


Reminder: MSFT reports after the bell

[Cobra]

So far no direction, just a range day.

[Trades w 2 Cats]

MMM is the worst performer today in the OEX-100 large caps
reported earnings this morning
https://finance.yahoo.com/news/3m-repor ... 00875.html


Reminder: MSFT reports after the bell

Everybody is done stocking their home office. Closets full of post it notes back at those semi empty office locations. Thinking Microsoft will be similar story, but since Amazon stock is equal to internet services side of the company then I guess Microsoft is similar with software a freebee on top of web services. Can't think they are taking business away from Amazon in that space. Also, market was assuming internet services would grow at 40% a year for forever with insanely large margins. Those multiples are being rung out of these two stocks as expectations start to get real.

[te_fern]

As I've said before, feel like I'm picking up pennies in front of a steam roller.....

[Al_Dente]

HALTED
NYSE says trading issue that led to dozens of stocks being halted has been resolved
The major stocks impacted included Morgan Stanley, Verizon, AT&T, Nike and McDonald’s, according to the NYSE’s website.
Many stocks were shown to have abnormally large moves when the market opened, which may have triggered volatility halts.
The NYSE said at roughly 9:50 a.m. that all of its systems were operational.
https://www.cnbc.com/2023/01/24/many-ne ... issue.html

[Trades w 2 Cats]

As I've said before, feel like I'm picking up pennies in front of a steam roller.....

Wel somebody is wrong, either Mr Market has nailed the bottom and the Federal Reserve is in the process of folding, or the Central Bankers have pulled the punch bowl and Mr Market hasn't noticed yet.