02/01/2023 Live Update

[Cobra]

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According to the always guess up rule, the pullback overnight likely would be bought? The line above probably will be tested and usually will be taken for at least short period of time.

[JFR]

ES daily.

Forming a new base, at a higher level.

[merryme]

Nice bowl shape yesterday. Very bullish...notable EOD, EOM volume. End of Month games or is it the real deal? I don't know.
Sometimes I think a lot of analysis works simply because most traders believe it works so it is a self-fulfilling.

[JFR]

ES 60 minutes.

In a base for a number of candles. Riding the EMA 20. At a key support/resistance level.

[Al_Dente]

7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:00 Job Openings and Labor Turnover Survey
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference

[Cobra]

Members only update at 10:10 am
http://www.cobrasmarketview.com/2023/02 ... ay-update/

[Cobra]

It's a morning hourly hollow red.

[merryme]

I follow this guy because he goes over market structure on a daily basis. Today is a good video ... He's always quick and to the point.

https://www.youtube.com/watch?v=LuI1blfPZGk

[JFR]

PHM. PulteGroup. Founded in 1950. HQ in Atlanta.

From a scan on my watch lists. I like it. Not at my trading desk. On a tablet. Otherwise I might give it a whirl, at least for a daytrade. After the gap it will be volatile. ''Let's be careful out there.''

Not holding at this time. Not recommending.

PulteGroup, Inc., through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods brand names. As of December 31, 2021, it controlled 228,296 lots, of which 109,078 were owned and 119,218 were under land option agreements. In addition, the company arranges financing through the origination of mortgage loans primarily for homebuyers; sells the servicing rights for the originated loans; and provides title insurance policies, and examination and closing services to homebuyers. PulteGroup, Inc. was formerly known as Pulte Homes, Inc. and changed its name to PulteGroup, Inc. in March 2010. The company was founded in 1950 and is headquartered in Atlanta, Georgia. -- Yahoo Finance

[Cobra]

Breakdown to the new day low in the next couple of bars then it's a downtrend day. Usually it's time for a sharp rebound though.

[merryme]

Important level exposed. Quad bottom. A lot of movement this morning on the fast charts.

[DellGriffith]

weekly SPY:

the 50 has crossed under the 200 dma only twice in its history. first time was roughly around October 2001 and the second time was roughly around November 2008. its currently nosediving towards its third bearish cross but not there yet. the actual crash involved in those bearish crosses was 911 and Obamas first election victory. so monumental stuff.

at its current rate, id guess it will complete its third bearish cross this fall.

[Trades w 2 Cats]

Hey DellGriffith I think this sort of goes along with your comment. The point of the chart is of course that we have not come close to capitulation.

[BullBear52x]

Same playbook here.

[brokebybernacke2]

Mac 10 Capitulation.png

Hey DellGriffith I think this sort of goes along with your comment. The point of the chart is of course that we have not come close to capitulation.

unless, unless, 2022 simply first leg pullback in a new bull market, and just recently breaking up to next run leg up.....maybe maybe! hmmm, otherwise, this is one long bear market rally (4 mo?) ....

[Trades w 2 Cats]

unless, unless, 2022 simply first leg pullback in a new bull market, and just recently breaking up to next run leg up.....maybe maybe! hmmm, otherwise, this is one long bear market rally (4 mo?) ....

Well the wave count I follow has, for now, the October low as Primary 2. So yes this is supposedly early days in a major up move. But (Harry Truman "can't someone find me a one handed economist") on the other hand there is Mike Wilson and Michael Hartnett and now Kolvonic all saying not yet. That Primary 2 down could be moved lower, and in fact that is the alternate count.

[merryme]

Volume has updated. Same chart as previously shown above. Note local capitulation (short-term). Watching this quad bottom when the roller coaster ride starts.

[te_fern]

Good call Cobra (11:06 post), nice little rally!

[Cobra]

Members only update at 12:02 pm
http://www.cobrasmarketview.com/2023/02 ... ay-update/

[Cobra]

Good call Cobra (11:06 post), nice little rally!

Thank you.