09/23/2022 Live Update

[Cobra]

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This bear shall have legs (Meaning the rebound probably will fail).

[JFR]

ES daily. There it is. The July low at 3743 taken out. Eyes on the next target, the June low at 3656.

[koolblue]

Welcome my friends to the show that never ends!

[JFR]

ES 60 minutes.

The bulls could not stop the downhill ski race, la descente, although they tried.

From the Pivot, through S1 and down to S2. Another magnet in sight at 3656, the June low.

[JFR]

ES 5 minutes. Elevator down, stopping at different floors. Finding some support at S2.

[JFR]

NYSE Tick and ES 1 minute.

Price is down. Tick is all over the map, but beneath 0.

Taking a break ...

[Cobra]

Members only update at 10:07 am
http://www.cobrasmarketview.com/2022/09 ... ay-update/

[Trades w 2 Cats]

Yesterday was bad for energy bulls, today is a disaster.

[Cobra]

Consolidation, breakdown is more likely.

[Mr. BachNut]

The NYMO cycle remains DOWN.
At 27 days, this is a very long cycle.
We have returned to the Oversold Zone for a second time and have made lower NYMO lows eliminating what had been a positive divergence.
To have two Oversold Zone hits in such a short time indicates serious dumpage going on. Multiple hits are fairly rare. The 2020 plunge had a remarkable four Oversold Zone hits before finding a low though.
Oversold Zone hits can set the price low, but lower lows with a positive divergence are just as likely. So, time to look for a low, but be cautious.

We have a price bar below the lower Keltner Band this morning. The band hit says bears have confirmed we remain in a bear market.
If today's high remains below the band at the close though, there will be edge for a trip to the middle keltner in the weeks ahead.
There remains one big gap below at SPX 3674.84, which is getting close enough to gain magnetic attraction.
There are many gaps above but most are a long ways away. The gaps above the upper keltner and the 200 MA are looking to me like they could be there a long time...
Below the June low lie plenty of gaps from 2020 that could become technically interesting.

All that said, things can go crashy from oversold conditions. VIX has been rising at a moderate pace and not looking panicky.
So, perhaps a nasty catalyst or a capitulation of some sort is lurking in the jungle, but I don't know what will happen.

I remain flat. I missed the entry for this swing while vacationing in August, and I have a thing against chasing moves. A bummer...

[jademann]

Extremely oversold. Adding to longs here. A bounce to one of the EMAs is going to happen eventually.

[koolblue]

(Reuters) - The Dow Jones Industrial Average hit a near two-year low on Friday, the first major U.S. stock index to fall below its June trough on an intraday basis and mark a new low for the year,

[Al_Dente]

Goldman Sachs has cut its year-end 2022 target for the benchmark S&P 500 index by about 16% to 3,600 points from the previous 4,300

[BullBear52x]

Are we there yet?

$CPC is 1.35 panic level
Only 5% of SPX stocks are above 20 DMA

only up from here

Bad spot to sell, time to find excuse to buy. Next week for sure.

[Al_Dente]

S&P 500 intraday, sorted by reds

[Cobra]

It's the very first test of EMA20 in 2+ hours, should attract some sellers.

[te_fern]

Trying to stay disciplined about trading this range (SQQQ). Probably get hurt on a bigger move, but I think it will be like yesterday and we go sideways...

[BullBear52x]

There's chance for a positive price action, IF, that's big "if"

[Trades w 2 Cats]

I don't know if this is fluff or a market mover-
https://www.youtube.com/federalreserve

Agenda
2:00 p.m.
Welcome from Chair Powell
2:05 p.m.
Panel 1: The Evolving Landscape for U.S. Businesses
Moderator: Governor Michelle W. Bowman

Panelists:

Tom Henning, Cash-Wa Distributors (Kearney, NE)
Cheetie Kumar, Garland Restaurant (Raleigh, NC)
Jess Petitt, Hilton (McLean, VA)
Cara Walton, Harbour Results (Southfield, MI)
3:10 p.m.
Break

3:25 p.m.
Panel 2: How families and communities are adapting to changes in the post-pandemic economy
Moderator: Vice Chair Lael Brainard

Panelists:

Derrick Chubbs, Second Harvest Food Bank (Orlando, FL)
Brenda Hellyer, San Jacinto College (Houston, TX)
Nancy Leamond, AARP (Washington, DC)
Wendy Veliz, Farmworker Housing Development Corporation (Woodburn, OR)
4:30 p.m.
Adjourn

[Cobra]

Members only update at 12:02 pm
http://www.cobrasmarketview.com/2022/09 ... ay-update/