01/19/2022 Live Update

[Cobra]

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Very strong rebound overnight, wait to see whether it means a start of a double bottom.

Gap up but within the yesterday's range so likely it's a range day.

[JFR]

ES daily. Reached down to a lower level of support, with a hammer, and a bounce back up.

[JFR]

ES 60 minutes. After some moves down, back up, through resistance, approaching the Pivot.

[JFR]

SPY 15. Above the previous close, 456.49.

[JFR]

ES five minutes. Up through some levels of resistance, in a base, beneath the Pivot.

[Al_Dente]

Bank of America (BAC) before the bell Wednesday topped estimates for profit on record quarterly asset management and investment banking fees, and as the firm released $851 million in reserves. Revenue for the fourth quarter slightly missed estimates. BofA shares gained about 3% in the premarket. (CNBC)

Morgan Stanley (MS) posted better-than-expected quarterly profit Wednesday. Like BofA, Morgan Stanley also fell just short of expectations for fourth-quarter revenue. Shares of Morgan Stanley rose about 2.5% in the premarket. (CNBC)

[JFR]

Alternatives. Everything is up, except the dollar.

[BullBear52x]

Yawning inside day like Cobra mentioned. still under 61.8%, so no bull just yet.

[JFR]

ES five minutes. Sharp move up, trying to break through the Pivot.

[JFR]

BNO. New high.

Looking at some bank stocks. Too much chop.

Back later ...

[Al_Dente]

NEW LOWS yesterday were 299.
If you open up the time frame (not shown here), you'll see it's the most new lows since Feb 2020, when the covid crash hit
Chart as of yesterday's close

[Trades w 2 Cats]

Looks like it hit a wall

[BullTart]

peekaboo!

[Cobra]

Members only update at 10:15 am
http://www.cobrasmarketview.com/2022/01 ... ay-update/

[Al_Dente]

Equal Weight RSP has been doing better than SPY

[Cobra]

Support area. If, if, breaks the blue line below, likely it would be another false break, let's see.

[ccash04]

Unlike yesterday Bonds keep going up (yield down) which has to be good for Tech.. Seems like it should bounce today and given levels makes sense, only thing on checklist is no washout but that could have been overnight futures...

[BullBear52x]

break down is clear, trade what is in front of you (note to self)

[Mr. BachNut]

Looks like the NYMO cycle will be finally confirming down today.
As mentioned in last post the McClellan Oscillator calculations for the SPX and R2K turned down a while ago.
So, the NYSE has been a laggard for some reason.
Notably, we have been in this down cycle all year so far.

Price has made a lower high and a lower low and has closed a gap from last year.
We have an up gap above to keep in mind.

The bears have managed to break the early January low, but the critical December lows remain to be tested.
The bulls last two attempts to tag the upper keltner band failed.
We appear to now be getting closes below the middle band. So, perhaps a test of the lower band is in the cards.
Interestingly, the 200MA has now risen up to the lower band, which makes an interesting target.
There is also a stranded NYMO benchmark in that neighborhood.
Let's see what happens...

I am short SPX and R2K.
I have scaled out profit units in both and these are now runners with breakeven stops.
My last SPX short was closed after three scales. If this one stops out too, I will be looking to see if perhaps we are in a bouncing ball down channel.
Just something to think about.

[Al_Dente]

Been watching this Wykoff setting for nearly a year
... really bad news for IWM if it's unable to climb and hold above circa 210