06/01/2021 Live Update

[Cobra]

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I need go outside very early in the morning and not sure whether I could be back before the open so just open a new thread for today's trading comments. Good luck everyone!

[JFR]

SPY 15. Up since the Thursday close. Pbar at 800 am, setting a target at that close.

[JFR]

SPY daily. Climbing towards the top.

[JFR]

SPY 5. Continuing its descent.

[JFR]

SPY 5. Finding some support. Taking a break ...

[Al_Dente]

INTERNALS
note put buyers

[Cobra]

Members only update at 10:15 am
http://www.cobrasmarketview.com/2021/06 ... ay-update/

[Cobra]

It's a morning hourly filled black bar.

[Mr. BachNut]

Quick BachNut update...

Another day another gap.

There appears to be a fly in the ointment.
We have a notable price divergence at the moment.
NYMO is robust and making highs, but price, so far, can't best the high on 5/07.
This is concerning to the bulls.

I am still long. I have taken scales in both SPX and R2K.
I may jam the stops to breakeven or do some short timeframe trading around the position until this divergence clears out.

[Cobra]

Maybe a rebound here first then we'll see, probably will be sold. Still there're some chances it's a down in the morning then up and up the rest of the day day. It's hard to trust bears.

[Trades w 2 Cats]

Measured move off by 2 ticks. Down wave paused for now. Open invitation for bulls to buy.

[Al_Dente]

Note hot commodities:
oil stocks ERX (XLE) gapped and broke above the box/horizontal channel today
gold miners NUGT still in horizontal channel
copper FCX gapped and broke out above the box/horizontal channel Friday… another gap today
30min charts

[Cobra]

The rebound probably will be sold again but if it decisively breakout the EMA20 before being sold, chances are the range low was in for today then. Break the blue line below with good looking bear bar then it'd be a downtrend day with perhaps later day rebound.

[Al_Dente]

Note IPO
symbol: SOFI
Social Finance SOFI debuted today as a public company after completing last week its merger with a SPAC backed by venture capital investor Chamath Palihapitiya. The transaction, announced in January with the Social Capital Hedosophia Corp V special purpose acquisition company valued SoFi (SOFI) at $8.65 billion. [CNBC)

[Al_Dente]

Note JNJ (a dow stock)
Johnson & Johnson (JNJ) is asking the Supreme Court to review a $2 billion verdict against it involving talc products that allegedly caused cancer in a number of users. The court may decide as soon as today whether it will grant that review.

[Al_Dente]

Note MMM (a dow stock)
A judge sided with 3M (MMM) in the second trial involving earplugs sold to the military. 3M has been hit with more than 230,000 claims that the earplugs were faulty and caused hearing problems, and the first trial resulted in a $7.1 million verdict in favor of three veterans.

[Al_Dente]

THE FOUR HORSEMEN update
All still trading in their horizontal channels except financials XLF which gapped and broke above the box today, and is now desperately trying to hold the breakout
Daily

[Al_Dente]

LABU (3x biotechs) shows a very crimped bolinger, suggesting a BIG move is immanent

[JFR]

SPY 5. Pbar target hit.

[Al_Dente]

Friday June 4 is National Doughnut Day
Get your freebies:
https://www.usatoday.com/story/money/fo ... 277842001/