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].

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

Strong up, inflation must be gone.

ES daily.

Strong trend up. New highs, new lows. Marubozus.

Well above the EMA 20.

May CPI shows inflation at 4.0%, below expectations of 4.1%.
Core CPI comes in at 5.3%, in-line with expectations of 5.3%.
CPI inflation has now declined for 12 consecutive months.
The Fed may finally be winning the fight against inflation.... may be a pause in rate hikes tomorrow

ES 60 minutes.

All that money. Looking for a place to park.

Moving above R1. Eyes on R2.

And all the while, climbing the wall of worry.

All systems Go, for day trades and scalps, for this trader.

ES 5 minutes.

Strong move up pre-open. And not without danger.

"The game is afoot."

At the beginning of “The Adventure of the Abbey Grange,” Sherlock Holmes awakens Watson by saying, “Come, Watson, come. The game is afoot. Not a word!"

Note ORCL
beat earnings

ES 5 minutes.

The pullback is approaching R1 and the EMA 20.

We will see what happens at the open. "On your marks ... "

ES 5 minutes.

Testing down. Fake or break?

ES 5 minutes.

A bounce up.

Taking a break ...

BOX targets, cyan, met this morning
60min

The Trump fundraiser will be live on all media soon
NOW: a bomb threat

Testing day high, I don't think it'd be a double top here, let's see.

A long lost BachNut reporting in after a long while in the wilderness...

The NYMO cycle is up. However, last three days have been declines in positive territory.
My data provider is FUBAR so I don't know what NYMO is doing today.
In any case, if it doesn't make new highs, we have a negative divergence to consider.

Price has popped above the upper keltner band and is looking to print a daily bar completely above the band.
It may be days or weeks away, but it is pretty reliable that all gains above the band get given back eventually.
That said the tag of the upper band says bulls are in control. It puts me in a bullish bias until I see a tag of the lower band someday in the future.
If this is a new bull market, we may see price hug the upper band as it marches to new heights or corrective moves will find support at the middle band.
I don't know what will happen.

There is some stuff for bears besides the negative NYMO divergence.
We have nine open gaps below. That is a lot and a move to close a few of those (opening some up gaps in the process) would not surprise.
We just broke the August 2022 high. The market is in the process of collecting stops above there and capitulating shorts. Follow through demand remains to be seen.
The keltner bands are starting to get narrow. They can get a fair bit narrower, but this is a condition that can precede volatility.

I am long runners.
I confess I am wondering if these bullish technicals are a trap or the real deal. They are what they are...
Back to the wilderness now...

Now breakout is more likely.

Range day today, it's not easy to day trade. my red line, a closed lower will be a negative price action. very overbought as is.

Short term chart is not bearish, dips will be bought. Big picture: the relief rally pullback is due. the next new high challenge will be a real deal for bull market run.

Reversal? nothing to see here for bears, $BPSPX is still pointing up.