05/03/2024 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 cobra@cobrasmarketview.com.

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

The initial breakout fails, probably will try again. There're chances today being an uptrend day.

[Trades w 2 Cats]

Pretty clear that we could hit an air pocket if the market heads south.

[Trades w 2 Cats]

Dancing on the edge of the cliff.

[Trades w 2 Cats]

ISM flashing stagflation was the probable cause of the drop on the hour.
What do we have left, I think just Nvidia mid month to save the market.

[Cobra]

Members only update at 10:09 am
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[koolblue]

[koolblue]

[Cobra]

Members only update at 12:18 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[BullBear52x]

If there's will there's way. a mission to move above 50 DMA. I don't see a problem, taking oil and few commodities down during election year, it has been a good game in the past.

[BullBear52x]

Back to my simple trend following system. a daily trend following = sell the coming rip. we are not there yet.

[BullBear52x]

what is your time frame of trade
Swing setup: bears got one good bite that's all she wrote, next dip will be bought.

Intraday: new swing high, it is bullish bias. to maintain a positive price action into tomorrow bulls must hold up and close above the red line.

Internals: bullish bias, bears are only get weaker from the overnight hunt. Peace!

[Cobra]

The pullback probably will be bought as it's the first test of EMA20 in a long time.

[Trades w 2 Cats]

Today, for capital preservation Friday

1. Employment head line number was down, market said yea people loosing jobs now the Fed will cut. Of course 12 of the last 13 months that jobs number was lowered in next months "revision" and we are within a meeting of the last chance the Fed can cut before the election.

2. Apple can't sell phones, can't figure out how to build a car, can't make a head set that anyone wants. What is poor Tim going to do to get his stock price up? Pay out his cash hoard turning Apple into an in debt firm with declining sales and tremendous tax liabilities.

3. ISM numbers said stagflation is here

Monday we trade with fewer options and no obvious bad news is good for the market action. Thinking we slowly slip down towards the low of this range waiting for Nvidia.

[Trades w 2 Cats]

They have more than enough time to get back up to today's high.

[Cobra]

Members only update at 3:36 pm
http://www.cobrasmarketview.com/2024/05 ... ay-update/

[Cobra]

Members only update at 3:51 pm
http://www.cobrasmarketview.com/2024/05 ... 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