06/27/2023 Live Update

[Cobra]

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Double bottom or not, wait and see.

[te_fern]

Waiting for a turn...

[te_fern]

High Yield not doing much....

[Al_Dente]

Note WBA
they cut 2023 outlook

[Cobra]

I don't think it'd be double top here but well, let's see.

[Trades w 2 Cats]

Don't need this today as market has been pretty clear.

[Trades w 2 Cats]

This is difficult to count. Added Klinger Volume Oscillator and Traders Dynamic indicators.
They don't help.
Supposed to be making five waves up but if we have had 1 up then 2 down was really deep.I think it will just chop around untill quarter end rebalancing is finished.
Goldman headline was that pension fund rebalancing is the 20th largest sell in their records.

[Trades w 2 Cats]

trend lines are converging.

[Trades w 2 Cats]

Broke out from the trend line. Measured move two ways, both say 4,000. Lots of time left in the day, we will see.

[te_fern]

Added the trendline, maybe getting a breakout!!

[te_fern]

I must have been channeling thoughts from Cats!! LOL!

[Trades w 2 Cats]

If you ignore the Pacific Asia and Europeans trading (Globex) I have a couple of trend lines to the upside!
Again, if that pesky 4 down is over need 5 waves up to confirm change in trend.

[Cobra]

Members only update at 12:06 pm
http://www.cobrasmarketview.com/2023/06 ... ay-update/

[JFR]

SPY daily.

Day 6 on the pullback.

It finds some support just before it reaches the EMA 20.

[Cobra]

It's actually an uptrend day so the pullback (actually a dent so far) likely would be bought.

[JFR]

SPY 60 minutes.

Getting a bounce at the EMA 100.

Sliding down the zipline of the EMA 20.

It looks like the 6th time, in this descent, that it has bounced back up to the EMA 20.

The bulls will pounce when they think the timing is right. But the bears have been calling the shots for a few days.

[JFR]

SPY 5 minutes.

Choppy action until 90 minutes ago.

Then a good move up.

[JFR]

Source:

https://www.marketwatch.com/story/embra ... =home-page

Not my chart nor my data.

Excerpt -- Stocks DJIA SPX COMP have opened higher after strong durable goods data, with bond yields BX:TMUBMUSD02Y BX:TMUBMUSD10Y nudging higher after optimistic comments from China’s premier about the nation’s economy, and the dollar DXY down 0.3%. Oil prices CL pared an earlier stronger drop. The Hang Seng HK:HSI climbed 1.9% on a mixed day for Asia.

The buzz

Durable goods orders rose the third-straight month and a stronger-than-expected, 1.7 for May, The S&P Case-Shiller home price index indicated rising home prices in April. Elsewhere, consumer confidence rose to the highest since Jan. 2022, while new home sales jumped to a level not seen since Feb. 2022.

Walgreens Boots Alliance WBA stock is down 6% and headed towards an 11-year low after the drug store chain reported a profit miss and slashed its full-year outlook. General Mills GIS and Micron Technology MU due Wednesday and McCormick MKC and Nike NKE on Thursday (see preview).

[JFR]

ES 5 minutes.

Up to R2, where it meets some resistance.

[BullBear52x]

It is bullish that we have a swing high, first one on this correction. bears still have one more sell coupon, first thing first.