07/15/2021 Live Update

[Cobra]

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Need a decisive breakdown to confirm double top.

Gap down but almost within the yesterday's range so likely a range day.

[Cobra]

Members only update at 10:00 am
http://www.cobrasmarketview.com/2021/07 ... ay-update/

[Cobra]

It's a morning hourly hollow red

[Trades w 2 Cats]

Fun fact. Fed is talking about doing nothing for an extended period of time so market will be forcing their hand. I bet zero questions on why Wells Fargo cut all consumer credit lines.

[Cobra]

Possible higher low, watch.

[Al_Dente]

The Big Techs that made highs this week did so on negative-diverging momentum (RSI-5 daily) except AMZN

[Al_Dente]

Ditto the indices, daily

[Al_Dente]

FOUR HORSEMEN OF THE RECOVERY update, daily, RSI-5
All made their highs last month
All are now on higher lows except XLE, energy stocks, which is lower low

[Al_Dente]

Gamma chatter for OPEX today:
https://www.zerohedge.com/markets/brace ... to+zero%29

[Cobra]

Testing day low, let's see whether bulls can make a double bottom here. So far looks like a range day so if break to a new day low beware the breakout might be a false one.

[Cobra]

Members only update at 12:25 pm
http://www.cobrasmarketview.com/2021/07 ... ay-update/

[Al_Dente]

The Social Security cost-of-living adjustment for 2022 could be 6.1% due to inflation, according to a new estimate. That would be the biggest increase since 1983, according to non-partisan advocacy group The Senior Citizens League, which calculated the figure. (CNBC)

[BullBear52x]

Yawn.....Price action is negative, internals are negative, momentum is weakening but not yet crossing bearish. over all, this cat is dead. wait for momentum to turn down more then the dumping will pile in.

[BullBear52x]

Price action, auction house theory, higher than 50% chance we will test the lower range in a hurry. in a day or two.

[BullBear52x]

down target for today aiming at 4308. ES

[Cobra]

Looks more and more like a descending triangle now, touch the blue line again the breakdown would be more likely.

[Al_Dente]

SMALLS are still on track for the “BIG M” formation
but today they print a wedge and doji (but not closed yet, daily)
ignore vertical lines

[Al_Dente]

NYUD volume topped last month
NYAD higher highs until this week (red arrow)

[Trades w 2 Cats]

That drop at 11 Chicago time meets all the criteria for an impulse. The pullback was spot on looking at the fibs and stopped exactly at prior support resistance. Then the second drop got complicated. Hasn't even done a measured move let alone the 160 percent for a wave three so once again my Elliot Wave asperations are on the trash heap.

But the day isn't over so we will see.

[Trades w 2 Cats]

As falsely attributed to Yogi Berea, making predictions is hard especially about the future! That is why I always look at Elliot Wave but I trade price action. It looks backwards and makes the assumption that people will do what they have done several times in the recent past.