11/11/2022 Live Update

[BullBear52x]

messy sideways, chart pattern will not work well on this but to buy Low sell Hi. my Horizontal red line is my intraday's pivot. a close below will give us a negative price action today.

[BullBear52x]

BUY Lo SELL Hi, I am selling this 2x top setup. dips will be bought also from here.

[Cobra]

Testing the day high, since it's a range day so probably will break it then pullback.

[JFR]

SPY 1 minute, PnF.

Relatively quiet after yesterday's rocket ship. Some ups and downs today, but no real progress either way. At a resistance level.

Closing down the trading desk for the day. Have a good weekend, Everyone.

And to all those who have served their countries, Thank You.

[BullBear52x]

Since the gap and go, momentum is not all there. YET

[Trades w 2 Cats]

This primary Count for wave counters is looking OK in theory. But it really is going to need some serious cash to come into the market next week.

Yes, I have an alternate count ready to go but it goes out the door if this thing moves up another 70 or so points. Could be interesting next week.

[BullBear52x]

well, Monday prepare for more high to 4030 next looking up level for /ES, counter trend is dangerous, makes sense but dangerous. Peace!

[jademann]

Biggest problem for next week is daily moving average deviation. At least that's what yahoo calls it.
The daily 10ma is still around 3860!

1Trillion crypto derivatives might be a concern also.
Someone said it was Rat poison squared.

[Trades w 2 Cats]

Updated 2008 analog. From ZeroHedge on the write up about Mike Wilson sticking to his technical rally call.

[Cobra]

The pullback probably will be bought. It's a kiss the breakout point goodbye.

[Mr. BachNut]

Mr. BachNut with a late in the week report...

The NYMO cycle is UP.
We are back in the Upper Turn Zone (UTZ).
As you may recall, NYMO in the UTZ is a possible pivot time when things can change... or not.
Watch for confirmation of blast off or a switch to consolidation or reversal over the next few days.

At the moment, we have a negative NYMO divergence with price making higher highs but NYMO at a lower high.
If this isn't remedied in the days ahead, we will set a NYMO benchmark at SPX 3,905.42.
If the benchmark doesn't get stranded by a raging bull, all gains above that level will be given up in the next NYMO down cycle.
That said, as long as NYMO stays positive, price can keep climbing.

We have a squadron of open gaps above and two below.
The lowest up gap is now on the radar at SPX 4110.41. I wouldn't give it much credence except there may be some serious stops just above to be squeezed.
The 200 MA is also coming into view as well as a declining tops line. Guessing they would offer some resistance, but who knows.
Interestingly, the upper keltner band has turned up. For me, bulls have to tag that to orient me to a new bull market. So, their job just got a bit harder.
Without that tag, my bias remains bear market.

I remain long a runner SPX position from last month's CPI low. I am nudging up a profit stop.
Interestingly, my usual NYMO model setups are flat at the moment despite the move.
These are slow moving swing setups that are not nimble enough to catch what we got yesterday.
They may engage next week if this bull has legs.

[Mr. BachNut]

BachNut Bonus chart today.

VIX is cycling down from the September high.

We closed an open gap today, but there are two more below.
The gaps below are in the neighborhood for historical VIX lows this year.

With OPEX on deck for November, Vol sellers could give SPX bulls some energy to keep climbing.
However, if those gaps get closed, it may be time to be watchful.

[Cobra]

Members only update at 3:45 pm
http://www.cobrasmarketview.com/2022/11 ... ay-update/

[Cobra]

Members only update at 3:53 pm
http://www.cobrasmarketview.com/2022/11 ... ay-update/

[Cobra]

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

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/ ... /533449377