07/14/2014 Live Update

[Cobra]

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This bull shall have legs.

[Cobra]

weekly stock picks are here: http://www.cobrasmarketview.com/2014/07 ... ock-picks/

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2014/07 ... ay-update/

[fehro]

SPX 15m... two gaps filled, another made (blue) ... possible resistance near here.. a tad too early to confirm... possible RS

[Cobra]

members only update at 10:36 am
http://www.cobrasmarketview.com/2014/07 ... ay-update/

[gappy]

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[fehro]

SPX 60m

[fehro]

INDEX dailies... GLD taking a hit this am ... Gold Slumps Most In 2014 As "Someone" Dumps $1.37 Billion In Futures At US Open... http://www.zerohedge.com/news/2014-07-1 ... t-2-months

[jungle trunks]

Bulkowski is calling for a pullback on the S&P in his Week Ahead report. Today's open seems to negate that. For any technical pro that follows Bulkowski, can you provide more color to what he's interpreting? I don't see a pattern, he seems to be basing his judgement on an indicator. I read it a couple times and still don't get it. duh

[Cobra]

members only update at 10:03 am
http://www.cobrasmarketview.com/2014/07 ... ay-update/

[flumanchu]

I didn't realize until this wknd that Yellen will speak tomorrow.

The market has been pumped up everytime she speaks - maybe this is an early start.

.

[daytradingES]

I wish the yappy ponzi promoting xxxx would shut up.
more hot air for the balloon.

[Cobra]

kind of ascending triangle, so assume bias is up.

[FlowerGirl]

Still Going Strong

“It is not the strongest or the most intelligent who will survive but those who can best manage change.”
― Charles Darwin

[tomsky]

Those who want to go long here maybe it's better to wait, tomorrow will get better prices.... I have a possible weakness starting today at 11:00 NY time

[Mr. BachNut]

No position. Back from vacation.
Had some short on last week but closed out flat.

My summation signal remained down at the Friday close. However, the read for the R2K was an oversold extreme, which is bullish.
My composite trend signal is up. The recent softness did little to the signal. The up trend remains in good shape by this measure.

So, the indexes flirted with going into a meaningful correction but didn't get very far.
As bears are extinct, this is no surprise. Perhaps it is a first bear baby step but nothing to instill bulls with fear.

My NYMO cycle chart as of this morning looks like it is working to pin a cycle low.
We have to see a few closes and what happens when it recovers to the zero line to confirm.
It could merely be corrective. We'll just have to see how the week unfolds.
As the down cycle has run about 21 days however, an up cycle would be timely.
The SPX satisfied the bare minimum decline (and pretty much nothing more) for the down cycle. The R2K had a more robust decline.
All this suggests that we may have seen a rotational correction with a large number of stocks having declined somewhat over the last few weeks without damaging the overall health of the market.
It is bullish behavior.

As this uptrend has been running for awhile, and breaking a few records along the way, one wonders when we might see a high of consequence and a downtrend?
I am clueless as usual. However, I can make the following observation.
While my trend model continues to be solidly up, the spread between a number of indicator levels and their thresholds has narrowed considerably.
This is not bearish per se, but it means the trend could be nearing its end and that the model could turn rather quickly when the time comes. We shall see.

[gappy]

5 minute ihs.

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[Cobra]

ascending triangle text book target.

[gappy]

Read that the "old timers" watch the utilities.

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[Mr. BachNut]

A non-equity post for a change...

I have seen a fair bit of bullish chatter about gold since the pop a few weeks ago.
Thus today's bearish action may seem surprising, but it is quite within the range of possibilities given the weekly chart.
To my eyes we are in the latter stages of a symmetrical triangle (in purple).
Quick trades can work this far into the snout, but position traders may want to key in on how the triangle and recent hi/los resolve.
I worked the earlier moves in the triangle (before I could see a triangle) but have no position now (but expect one in the days ahead).