03/24/2023 Live Update

[Cobra]

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list HERE. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

• Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, Please subscribe my Daily Market Report.

• Personal attack on any board members won't be tolerated. Please limit your topic to trade related only.

• Please no direct link to your personal web site or blog. You must post rich contents here. You can, however, put link to your personal web site or blog as your signature.

• I'm very busy during the trading hour, so your question posted on board might not be answered. For a guaranteed answer to your question please send email to [email protected].

=============================================================================================================================================================================

3 Push Down so a rebound is due?

[JFR]

ES daily.

At the bottom of yesterday's strong bear candle. In an irregular trading range, with a number of breakdown attempts.

[JFR]

ES 60 minutes.

Down through the Pivot, all the way to S1, where it finds some support.

[JFR]

ES 5 minutes.

Strong move down, then a bounce, up through the EMA 20 to a trendline, where it is hanging on.

[merryme]

5 day fast chart. Short-term S/R is at $393.12. Vol spike at #2 had more selling than #1.

[JFR]

https://www.marketwatch.com/markets?mod=top_nav

Some headlines from MarketWatch. Any good news there? Ha ha. Ring the alarm.

I can't stay today.

"Let's be careful out there," as the roll call sergeant on "Hill Street Blues" would say.

Have a good weekend.

[Al_Dente]

Citi, the world’s largest credit card issuer globally, released its retail credit card data for the 16 sub-sectors it tracks. It showed that total spending in March week 3 (ended 3/18/23) decreased 10.3%, a big deceleration vs March week 2 (-6.8%). Ex-Food, spending decreased even more, tumbling by 13.0% vs -8.1% in March week 2.

Citi dude says: "This was the first week of data following the disruption within the financial sector, and we were curious if it might have had an impact on the consumer. It sure did. The third week of March, and the first week after America's regional banks imploded, "was the biggest decline in total retail spending we have seen since the pandemic began (April 2020)."
https://www.zerohedge.com/markets/fed-g ... start-bank

[Al_Dente]

"Deutsche Bank DB shares slide as cost of insuring against its default rises"
BANKS sorted by red
Interesting that all five of the TBTFs ("too big to fail"s) made the top of the list for reds today

[Cobra]

Members only update at 10:00 am
http://www.cobrasmarketview.com/2023/03 ... ay-update/

[Al_Dente]

Contagion risk:
"Looking ahead, the longer that financial conditions remain tight, the greater the risk that stresses spread beyond the banking sector, unleashing greater financial and economic damage than we anticipated," Moody's wrote in its latest credit conditions report. A day earlier, Treasury Secretary Janet Yellen ruled out coverage of all uninsured deposits at U.S. banks. Meanwhile, emergency borrowing under the Fed's two backstop facilities (Discount Window Lending + Bank Term Funding Program) reached another whopping $163.9B this week, similar to the $164.8B recorded last week (borrowing under the weekly discount window is typically under $10B).

[Al_Dente]

SPY TOP HOLDINGS:
NVDA (pink) which is only 1.93% of SPY, has been leaping ahead of the pack

[Cobra]

Nothing to say, so far it's just a boring range day.

[Al_Dente]

QUESTION: How long can Tech (black, brown) carry the weight solo?
5ma, 2 months daily chart

[Cobra]

Members only update at 12:08 pm
http://www.cobrasmarketview.com/2023/03 ... ay-update/

[Cobra]

Possible 3 push up, a pullback might be due soon.

[Cobra]

Members only update at 3:33 pm
http://www.cobrasmarketview.com/2023/03 ... ay-update/

[Cobra]

Members only update at 3:53 pm
http://www.cobrasmarketview.com/2023/03 ... 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