07/11/2023 Live Update

[Cobra]

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Don't know how far the rebound can go, always assume more up by default.

[Al_Dente]

Upcoming rebalancing of $NDX:
Nasdaq has only conducted a special rebalance twice in the past - in December 1998 and May 2011. The rules state that action will be taken if the aggregate total of all stocks with individual weights above 4.5% in the index exceeds 48% (currently, the "Magnificent Seven" stocks account for 55% of the total weighting of the NDX).
Rebalancing changes will be announced on July 14 and take effect before the market opens on July 24. Keep an eye on ETFs like QQQ , QQQM and the UltraPro TQQQ, as well as positioning that could occur beforehand.

[Al_Dente]

Perhaps META will break out, because of yesterday's news:
"Twitter traffic is ‘tanking’ as Meta’s Threads hits 100 million users [vs Twitter's roughly 240M daily active users]
https://www.cnbc.com/2023/07/10/twitter ... users.html
Those following the epic battle of egos know that there may be a forthcoming "cage fight".
And a couple days ago Elon publicly suggested a "dick-measuring contest"....
and I'm not joking

[Cobra]

Members only update at 10:00 am
http://www.cobrasmarketview.com/2023/07 ... ay-update/

[Cobra]

It's a morning hourly filled black bar

[Cobra]

The low might be in for today.

[Al_Dente]

[WARNNG: Political]
MyPillow
https://www.startribune.com/mypillow-is ... 600288705/

[Al_Dente]

TODAY:
[Associated Press]
"Bank of America must pay more than $100 million to customers for double-dipping on some fees, withholding reward bonuses and opening some accounts without customer consent. The bank serves 68 million people and small business clients.

[te_fern]

Watching this diagonal. Can SPX get up to 4428 to touch the upper rail and then fall again???

[Cobra]

Members only update at 12:07 pm
http://www.cobrasmarketview.com/2023/07 ... ay-update/

[Cobra]

The pullback probably will be bought. So far it's a classical down in the morning then up and up till the close day which we don't know yet.

[Trades w 2 Cats]

Rainy day with wifi ! Doesn't look to good as we wait for CPI. According to the media only outcome is a reduced CPI but with market betting close to 80% or so on a July Fed rate increase not sure what that will mean.

[Trades w 2 Cats]

Not sure what the message is here. Not a lot of clear opportunities.

[Cobra]

Lower high (red arrow) or not, wait and see.

[te_fern]

We got our upper touch. Will we fall back to the bottom???

[JFR]

ES daily.

Up off the EMA 20. Forming a range. Some room above.

[JFR]

ES 60 minutes.

Since Monday, up through S1, the Pivot and R1. Many spikes along the way.

[JFR]

ES 5 minutes.

From 4442 to 4465 and then drift.

Not really going anywhere. No man's land.

[BullBear52x]

Swing sell setup failed, at this point the trend following is not as effective. sideways consolidation. bulls earned a buy dip coupon back.

[BullBear52x]

Intraday: it is bullish bias that we have a swing high, bulls need to see a close higher above the red line to keep positive price action going.