11/17/2021 Live Update

[Cobra]

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Maybe it's a price channel here, now near the lower boundary so a rebound could be.

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

[te_fern]

Market trying to find support....

[Cobra]

Members only update at 10:03 am
http://www.cobrasmarketview.com/2021/11 ... ay-update/

[Mr. BachNut]

The NYMO cycle was confirmed DOWN yesterday at the close.
It has been in decline since October 14 making lower highs and lower lows.
It has opened soundly negative this morning.

Price is hugging the upper keltner band, which is consistent with bullish price action.
The stack of open gaps below offers an airshaft for bulls to fall through if Mr. Market ever decides to turn.
The NYMO high on October 14th sets a benchmark price of SPX 4439.73.
The model gives odds that the benchmark can get tagged by the NYMO cycle low or will at some point in due course.
So, there is potentially a nice meal for the bears if they can get their act together...
That said, we also still have a stranded benchmark all the way down at SPX 3642.31.

As OPEX is on deck, price action may have little to do with NYMO in the days ahead.

I remain long runner positions in SPX and R2K.
I have a profit stop set on the R2K position.
Short setups are brewing but not ready for consumption.

[Mr. BachNut]

Flat R2K.

I am open to reloading long depending on how things unfold.
R2K broke above a big rectangle formation some time ago and has not reached the measured move.
So, this pullback may be a backtest of the breakout... or perhaps the beginning of a technical failure.
We shall see. i have no idea what will happen.

I have a profit stop set on the R2K position.

[BullBear52x]

Bulls can not fail here. swing buy setup triggers.

[Cobra]

It's the bear's last chance here to make a 2nd leg down. My guess is the range low was in.

[Al_Dente]

just 26% of stocks on the NYSE are advancing
pretty THIN

[BullBear52x]

Intraday sell seems to be good still, not looking good for bulls.

[Al_Dente]

MSFT
ATH

[BullBear52x]

Bears are dead again, as usual.

[Cobra]

Members only update at 12:02 pm
http://www.cobrasmarketview.com/2021/11 ... ay-update/

[Al_Dente]

just 26% of stocks on the NYSE are advancing
pretty THIN

RE: THIN BREADTH
by comparison at the last SPY high of 470.65, on 11/5 the issues advancing were roughly 67% ish

[Al_Dente]

Clues
although momentum is strengthening
call buyers aren't buying it yet
10min

[Al_Dente]

Smalls tried to double bottom and failed
Daily
hmmm can't post chart at the moment

[Cobra]

Possible higher low, now the range low might be in. Bears had 2nd leg down, better than before.

[Al_Dente]

"Millions of Amazon customers will be unable to make payments next year after the online retailer banned Visa credit cards in the UK.

"In a email sent to customers, Amazon said it would no longer accept the cards due to the "high fees" Visa charged for processing transactions.
The ban will come into force on January 19

Note Visa, V, obviously doesn't like this news [add: V is the worst performer in the dow today... V is weighted 3.92% of the dow]

[This news is just for the UK, but maybe folks are expecting this to spillover to the U.S. ]

[BullBear52x]

Bearish bar overall. bulls will have to do a lot to regain the strength.

[BullBear52x]

Buy low sell high on sideways. (consolidation phase)

[Al_Dente]

So who is in the lead?
Oh, of course...