Cobra's Market View

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].

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

Don't know what pattern it is, need see more bars. The line above has been tested several times so might not hold another test.

8:30 GDP Q4
8:30 Initial Jobless Claims
10:50 Fed's Bostic Speech
2:00 PM Fed's Daly Speech
4:30 PM Fed Balance Sheet

REVISED:
Real gross domestic product (GDP) increased at an annual rate of 2.7 percent in the fourth quarter of 2022, according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent.

ES daily.

Strong pullback from the highs of February.

Day 6 of red candles. Second day at some support.

ES 60 minutes.

Spiky action. Big boy bulls pushing it up. Big boy bears pushing it down. A battle of the bigs (not referenced, just a view from the chart.)

Biggest red bar so might be a rebound or consolidation here first which likely would be sold later.

ES 5 minutes.

Fake out move up hitting the early birds.

Price drop down to the Pivot, where if finds support.

Alternatives. 15 minute charts.

Reading the tea leaves ...

DBC up. IYR up. SPYG up a bit, back sliding after an earlier move up. TLT up a bit. USO up nicely. UUP up yesterday and up a bit today.

GLD mostly flat. SPYV mostly flat, after a false run up earlier today.

Although things are quiet, none of these markers are in the red for the day.

SPY 1 minute. Point and Figure. Focus on price movement. "Just the facts, Ma'am."

Feb 16 and Feb 21 were strong bear days. Today has had some moves, but is mostly treading water. The latest move was down.

ES 15 minute.

Good move up later yesterday. Strong move down today, beneath the Pivot.

Back a bit later ...

"If there's nothing good to say then don't say a word" Momma told me.

Safest bet just look at MACD.

/ES is now looking down to 3965.

Chart pattern.

EMA20 now is the bear's last chances to make another leg down today. Key time.

USHL on the daily turned red on the 21st

ES 5 minutes.

The power of support and resistance.

All over R1, for support and resistance at 4020.

Down to the Pivot, where it finds temporary support.

Down to S1, where it finds support.

Back up to the EMA 20, where it finds resistance.

'Nuff said.

Summary (20sma purple and 200sma gray), daily
Yield and dollar up, markets down and etc.