08/24/2023 Live Update

[Cobra]

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The pullback overnight probably will be bought.

[JFR]

ES daily.

Up to the EMA 20.

4th day in a row with a higher high and a higher low.

[JFR]

ES 60 minutes.

Up through S1, through the Pivot, all the way to R1, before settling back down to the EMA 20.

[Al_Dente]

SPY top holdings
daily %

[Cobra]

Members only update at 10:02 am
http://www.cobrasmarketview.com/2023/08 ... ay-update/

[Cobra]

Most likely it's a down in the morning then up and up till the close day. Less likely it's a range day. Least likely it's a downtrend day.

[marcueus2]

SPX fell just befre JH Powell's speach so probably tommorrow will be opposite of what we get last year, hmm

[theRASPYone]

This AM was not kind to me! Cursed Ai nonsense rally after yesterday earnings was just a pump and dump. Bastards.

[Cobra]

Members only update at 12:00 pm
http://www.cobrasmarketview.com/2023/08 ... ay-update/

[Cobra]

Testing yesterday's low, decisive breakdown would mean it's a downtrend day. Typically it'd be a breakdown then sharp reversal up, rarely it's breakdown then down and down.

[Cobra]

The rebound probably will be sold. EMA20 here usually is the only place where bears have some chances to sell the bounce.

[Trades w 2 Cats]

Running my generator to recharge the trailer batteries so I have a little time with the computer.

Looking like crude oil is rolling over. I am thinking the bad economic news out of China is the cause.
USA drill rigs keep declining which should lead to higher prices. The Saudis keep cutting as well, but clearly it just isn't enough.

[Trades w 2 Cats]

Not positive if my expanding triangle for a wave four up is totally valid but so far it is holding together. I wasn't expecting Jay Powell to give the markets a giant boost. Also, NVIDA good earnings were no surprise to the market.

The description of a disruptive technology is an innovation that is not immediately useful but has a long refinement period. If you are old enough you may remember the way ink jet printers slowly replaced daisy wheel impact printers. Point being the AI stuff has been pre-announced as the next big thing and that is not a part of the model behavior. Having watched people try to use the AI programs it does need a lot of development. However, they do a good job of padding out routine reports and correspondence with flowery phrases.

[Cobra]

Breakdown would be more likely if bears are able to touch the blue line again.

[Trades w 2 Cats]

Looks like with Friday being Fed Speak and OpEx the dealers have the tractor beam turned on.
To me next Tuesday will be the first day without Other Time Frame buffalo herds rampaging.

[Trades w 2 Cats]

Homework assignment to be read before 10 AM Eastern tomorrow
https://www.zerohedge.com/markets/jacks ... h-surprise
They are listing forecasts from several major brokerages.

[Cobra]

Members only update at 3:30 pm
http://www.cobrasmarketview.com/2023/08 ... ay-update/

[Cobra]

Members only update at 3:53 pm
http://www.cobrasmarketview.com/2023/08 ... ay-update/

[Cobra]

Well, guess that's it for today. Here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449397