05/16/2017 Live Update

[Cobra]

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bias is up.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2017/05 ... ay-update/

[Trades with cats]

Why did London/Frankfurt decide to go up at around 5:30 this morning NY time and why did the US cash open decide the only thing to do about opening at a decent level above 2400 was to sell down? Inquiring minds want to know

I ask because in the old days of a couple of months ago this would have been a second gap and go open like yesterday. The economic news isn't much different and the political news hasn't changed much. Instead of oil rumors to drive it Goldman today has gone with the Fed won't actually increase rates, so maybe that rumor is only good for the bond market that I don't follow.

[fehro]

not the most convincing up move.. underlinings weak PUT/CALL near extremes

[daytradingES]

It hard to put much analysis into very narrow ranges.
Friday was 5.75
Monday was 10.0
Tuesday so far we have 3.75

Other than 2403 area +/- 3 pts is third touch today what can we say?

It should be a downday BUT in narrow light volume the manipulators can do what they want -
which is usually chop around taking money from both sides.

SLD sim 2402.75 8:54

[daytradingES]

Range est 9.75

that's a better back to bed day than chance cash to the wheel.

[Cobra]

members only update at 10:00 am
http://www.cobrasmarketview.com/2017/05 ... ay-update/

[Cobra]

morning hourly black bar

[fehro]

It hard to put much analysis into very narrow ranges.
Friday was 5.75
Monday was 10.0
Tuesday so far we have 3.75

Other than 2403 area +/- 3 pts is third touch today what can we say?

It should be a downday BUT in narrow light volume the manipulators can do what they want -
which is usually chop around taking money from both sides.

SLD sim 2402.75 8:54

not sure.. lower green goes.. look out below

[Trades with cats]

And all the overnight action is reversed as we return to yesterday's V-WAP and the market goes red.

[te_fern]

Definitely falling toward the bottom of the range....

[uempel]

I've been using this chart since last year's elections. I'm not sure what will last longer: this chart or number 45 ...

Daily SPX linear

[Cobra]

morning pullback as usual, now let's see if bulls as usual spend the rest of the day up and up.

[fehro]

It hard to put much analysis into very narrow ranges.
Friday was 5.75
Monday was 10.0
Tuesday so far we have 3.75

Other than 2403 area +/- 3 pts is third touch today what can we say?

It should be a downday BUT in narrow light volume the manipulators can do what they want -
which is usually chop around taking money from both sides.

SLD sim 2402.75 8:54

not sure.. lower green goes.. look out below

[MrMiyagi]

morning pullback as usual, now let's see if bulls as usual spend the rest of the day up and up.

Not so far. Kick to the kidneys

[Mr. BachNut]

Mr. B checking in.

The NYMO cycle is down.
It ticked above zero yesterday in what may have been a corrective bounce and is under the zero line intraday today.
The benchmark price at the last cycle high is SPX 2392.48. Looking to see trade below that at the cycle low.

The price move yesterday and this morning was just enough to run stops above prior highs in the ES contract.
Bulls need to step up to render the move something more than a stop run.
It is OPEX week. So, bias is bullish. Note that VIX contract expiration is tomorrow morning.
It is notable that volume diminished into the highs.
I have no up targets and a big stack of possible down targets, which after many weeks you are probably tired of hearing about.

I remain short the R2K, which has gone nowhere.
I have had some short setups in the S&P tee up but not trigger.
That could change in the days ahead if price action starts to sync with the NYMO cycle.

[Trades with cats]

I've been using this chart since last year's elections. I'm not sure what will last longer: this chart or number 45 ...

Both the public wave counters I follow have similarly old charts. Both see the possibility of one more top to complete this wave three that started with the election. Makes sense that four down would be a summer sell off.

[fehro]

It hard to put much analysis into very narrow ranges.
Friday was 5.75
Monday was 10.0
Tuesday so far we have 3.75

Other than 2403 area +/- 3 pts is third touch today what can we say?

It should be a downday BUT in narrow light volume the manipulators can do what they want -
which is usually chop around taking money from both sides.

SLD sim 2402.75 8:54

not sure.. lower green goes.. look out below

Lunch time bounce.. support holds..

[te_fern]

As one would expect, Tick has fallen with the move down...

[Al_Dente]

The Almanac has down odds for the rest of the OPEX week
http://jeffhirsch.tumblr.com/post/16059 ... -mixed-bag