05/09/2025 Live Update

[Cobra]

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Maybe it's a rising wedge in the making. Still has rooms to grow so not bearish yet.

[JFR]

ES daily.

In a trading range.

Above the EMA 20 and the trendline.

My bias is up, waiting for a move, but the market is flat.

No swing trades on ES for this trader.

[JFR]

ES 60 minutes.

Some strong pushes up.

The bias is up, but no action as of now.

[JFR]

ES 5 minutes.

Choppy.

Some scalps available earlier.

The bias is up a bit, but it is mostly neutral.

The action starts in 2 minutes.

[JFR]

ES 5 minutes.

Chop, chop and more chop.

Back later ...

https://www.cnn.com/2025/05/09/business ... l-nightcap

Bottom line: Very little has changed about the state of the global economy since the US-UK “deal” was announced. We still have a 22% effective tariff rate today – the highest in more than 100 years – compared with 2.5% before Trump took office.

“Overwhelmingly the most important fact about today’s trade deal is that the 10% across the board tariffs are staying,” Wolfers said on social media Thursday. “Tiny tweaks here and there with some trading partners won’t change that. The US is a high tariff country for the foreseeable future, and the trade war continues.”

[Trades w 2 Cats]

Something happened to trigger all that selling

[Trades w 2 Cats]

from Gamma Labs on X
"Current situation: All groups of price-agnostic investors are buying right now (retail traders belong firmly in this category), and corporates are pouring up to $4 bln per day into stocks, according to GS."

Comment from me- but the Fed has started Not QE buying over 1/3 of this weeks Treasury offerings to keep the debt market from collapsing. So who is selling to the "price agnostic" buyers?

[Cobra]

Members only update at 10:43 am
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[Cobra]

Members only update at 12:05 pm
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[Cobra]

Seems a revisit of the day low so let's see whether bulls can make double bottom or higher low.

[Cobra]

If the current bar ends as a big bull bar (not enough now) then maybe the low was in for today.

[Cobra]

Need break the blue line above decisively to eliminate the possibility of a range which is bounded by blue lines.

[Cobra]

Members only update at 3:30 pm
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[Cobra]

Members only update at 3:47 pm
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[Cobra]

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

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/ ... /533449377