02/21/2023 Live Update

[Mr. BachNut]

Pricewise, we have an open down gap at SPX 4017.77 that is close enough to be a magnet for closure.
We also have a benchmark for this NYMO cycle at SPX 3997.76.

Gap closed. Let's see if we can tag that benchmark...

[te_fern]

JFR, do you use WM%R on a 1 minute chart? Can I ask what parameter do you use for the 1 minute chart? Thx!

[Trades w 2 Cats]

DMAC's count is holding up. For reference I have a Bollinger band, 200, 50 and 20 SMAs making it hard to read. Ninja's McClellan for the S&P and PPos for both the 50 and 200 day SMAs. All well and nice but the real deal is the Fib extensions projecting Wave 1 from the top of Wave 2, which looks like the pro's estimates of around 3,100 or under are pretty realistic for a Bear's spring. Bulls turn supposed to happen this fall.

[Cobra]

It's a confirmed downtrend day now. Again downtrend day is not as easy trade as uptrend day as it mostly has a sharp rebound before the close.

[BullBear52x]

Daily bottom fishing, elder impose system bar on $BPSPX will help to see rock bottom or a bottom if not DE-bottom. intraday price action is the real deal for the early bird. so far nothing to see for bulls.

[BullBear52x]

Very steep intraday, the Hero died on the battle field, very few made it home with good limbs. patience!

[merryme]

Acceleration and narrowing, meaning buy on dip has dried up.

[JFR]

JFR, do you use WM%R on a 1 minute chart? Can I ask what parameter do you use for the 1 minute chart? Thx!

Hey, te_fern.

For a one minute on SPY on StockCharts I use a variety of indicators, switching them up like a golfer with his clubs. Here is a one minute with the Williams. It is very fast and clear. I like the Williams very much, but I prefer the Stoch. It is the first indicator that really struck home with me back in the 1990s.

[Cobra]

Members only update at 12:16 pm
http://www.cobrasmarketview.com/2023/02 ... ay-update/

[Al_Dente]

NOT MARKET RELATED
"Osteen" was trending on twitter earlier today:
"Pastor Joel Osteen pays himself an annual salary of $54,000,000 from his church profits. He had a custom garage built with 20 car stalls for each of his custom vehicles. His favorite is a Ferrari 458 Italia that cost $270,000. He lives in a 70,000 sq ft mansion.

More churchy stuff:
SEC: "We allege that the LDS [Momon] Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments... the church agreed to pay a $4 million penalty...
https://www.zerohedge.com/political/sec ... -portfolio

[merryme]

Turning point - take 2... waiting to see a break above top of range.

[Al_Dente]

There was an inverse-Head & Shoulders on the VIX and it broke above the neckline (cyan) today.
You know the drill

[BullBear52x]

Inflation expectation keep moving up, while M1 and M2 suggest deflation. as long as my beer is still cheap it's new normal.

[BullBear52x]

My Red line, in search for Positive price action continue......

[JFR]

SPY 15 minute.

Momentum south bound.

The Mo is to Go Lo.

[merryme]

Distribution top or we are having a big shakeout again. Waiting on the landing zone.

[BullBear52x]

Cash SPX for the year, looking down to support.

[Cobra]

No conclusion, just an observation: The rebound this time is stronger than the previous time (green arrows). Finally bulls might have some chances.

[Al_Dente]

WHAT!!! Corporations have to pay!!!
I'll believe it when I see it.
"EPA Orders Norfolk Southern [NSC] To Pay for East Palestine Cleanup"
https://www.rollingstone.com/politics/p ... 234683572/

[Cobra]

Members only update at 3:35 pm
http://www.cobrasmarketview.com/2023/02 ... ay-update/