05/06/2016 Live Update

[fehro]

SPX new LOD's but VIX never took out yesterday's HOD .. dabble long not ideal.

cover a little just a little higher

[Wallstreetrader]

Yep like i thought 2080 next ?

[Cobra]

members only update at 2:20 pm
http://www.cobrasmarketview.com/2016/05 ... ay-update/

[fehro]

SPX - resistance… almost there. VIX almost on support VIX < 50d 15.35

looking for possible 2063-60 over this 2057/58 area SPX

[Trades with cats]

IF I was bearish and knew how to count waves I would call this a three wave corrective off of the overnight lows and explain how it's job was to crush bears and suck in the dip buyers before the next impulsive set down.

But I'm not, so instead I am contemplating why both the dollar and oil are up and what it will mean next week, especially to the PBOC which made it crystal clear that the dollar (and Yuan) are only allowed to go down.

[Wallstreetrader]

Houston we may have a problem...
*maybe we have not a wedge but a downtrend chanel ?

[Mr. BachNut]

Mr. BachNut checking in for the first time in awhile.
I have been moving to a new home and have not had much time for markets and trading the last two weeks.

The NYMO cycle is down.
It is now clear that the last up cycle was dirty. It corresponded exactly with OPEX week to Vix contract expiration. (Still counts... Price rules.)
Once those expirations were done, NYMO rolled right back into down trend, and as of yesterday made a lower low to April 7, the low of the prior down cycle.

Two downside price targets have been hit so far in this cycle.
Today was a big one at my middle keltner band, so the bounce from the low here makes sense.
NYMO is not oversold, so today's bounce may be corrective. The decline could resume and continue next week.
Or not...
Some possible targets lower include the 200 day MA, an open gap and my lower keltner.

If/when things turn, some interesting upside targets are taking shape.
Bigger picture, it is interesting to note that the keltner bands have gone flat to turning down.
The next up cycle may be the last hurrah before a meaty down trend rolls in. We shall see.

I am flat.
I worked a short for 20 handles earlier in the week, but wasn't comfortable holding it as I have been spending long spells away from the computer.
I am back in the saddle next week. I'll be a seller at resistance as long as the cycle continues down but recognize that a buyable low could form next week as well.

[Cobra]

kind of ascending triangle, bias is up.

[Al_Dente]

[Trades with cats]

Looking like we could sell into the close.

[Cobra]

members only update at 3:50 pm
http://www.cobrasmarketview.com/2016/05 ... ay-update/

[Cobra]

well, guess that's it for today. Monday has been mixed. thank you guys, I'll see you in another thread soon.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp

[Wallstreetrader]

Good weekend to all