05/06/2025 Live Update

[Cobra]

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Kind of head and shoulders top, need break the neckline below to confirm though.

[JFR]

ES daily.

Lower high, low, open and close.

Well above the EMA 20 and the trendline.

[JFR]

ES 60 minutes.

Down from R1, through the Pivot, through S1, and also S2, where it is hanging on.

Down day so far.

[JFR]

ES 5 minutes.

Down and down.

At strong support at 5619.

Looks like it wants to go beneath that support.

But the bulls will probably show their presence.

[JFR]

The indexes are down.

Led by Nasdaq and the Russell.

[JFR]

https://www.marketwatch.com/story/why-t ... =home_lead

MarketWatch ...

The U.S. stock market has already priced in backtracking on the large and sweeping “liberation day” tariffs announced by President Donald Trump on April 2, making it difficult for the market to keep up its recent rally, according to Sevens Report Research.

“The Trump administration has seriously backtracked on the April 2 announcement, including a delay while negotiations take place and exempting major categories of imports,” said Tom Essaye, founder and president of Sevens Report Research, in a note Monday. As an example of tariff exemptions, Essaye pointed to computer chips, electronics, pharmaceuticals and automobiles.

[Cobra]

Members only update at 10:07 am
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[JFR]

ES 5 minutes.

Yes of course, the bulls come to play.

Planting a stake in the ground at 5607 as support, and a bottom.

Back up to S1.

Could be a No Man's Land kind of day. Could be, that is.

Back later ...

[Cobra]

EMA20 here is the bear's last chance to make another leg down. So far still fighting.

[Trades w 2 Cats]

I, of course, have no idea if the next moves will pan out. However, at this point the Fib levels are all within the rules. Bulls have a couple of things making it difficult.
Earnings is mostly over except for NVIDIA and earnings did move the market.Best part is buybacks are back.
Fed speaks tomorrow and they are likely to not move the market up.
Finally, where is the retest of this years low?

[Cobra]

Members only update at 11:57 am
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[Trades w 2 Cats]

Today's distribution looks like a flat market with a very thinly traded spike. Guessing it really locks down towards the end of the day.

Edit- we are continuing above regular hours VWAP, so bullish tilt.

[grandeG]

ES 06-25 (45000 Tick Volumetric) 2025_05_06 (9_35_18 AM).png
Today's distribution looks like a flat market with a very thinly traded spike. Guessing it really locks down towards the end of the day.

Edit- we are continuing above regular hours VWAP, so bullish tilt.

Thanks for sharing Cats. Really gives a fine view of what’s happening in the market.

[Cobra]

Maybe the pullback was over for today.

[grandeG]

Guess we’ll have to wait and see what the fed decides to do tomorrow. Have a great evening fellas and as always, thank you for sharing your thoughts!

[Cobra]

Members only update at 3:32 pm
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[Cobra]

Members only update at 3:53 pm
https://www.cobrasmarketview.com/2025/0 ... ay-update/

[Cobra]

Well, guess that's it for today. Here's what Wednesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449381

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/ ... /533449381