07/12/2023 Live Update

[Cobra]

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The market is waiting for the inflation data now. Purely from the chart, it's "this bull shall have legs" since the up in the past couple of days has been strong.

[te_fern]

The annual core consumer price inflation rate in the United States, which excludes volatile items such as food and energy, fell to 4.8% in June 2023, the lowest since October 2021, from 5.3% in the prior month and below market expectations of 5%. On a monthly basis, core consumer prices rose by 0.2% from a month earlier in June, also less than forecasts of a 0.3% increase. source: U.S. Bureau of Labor Statistics

[te_fern]

Nice little jump at 8:30....

[Cobra]

Members only update at 10:48 am
http://www.cobrasmarketview.com/2023/07 ... ay-update/

[Trades w 2 Cats]

Going into Canadian Rockies later this morning, so my portable hot spot will no longer function (when we have a cell phone signal).
Not sure how much higher this can go.Traders Dynamic (glorified RSI) is looking like we are ready for a pullback for a Minute 4. Or I could be too positive due to the higher altitude we are camping at(lack of oxygen), meaning this could be a larger ABC. However, hard to be negative with no obvious catalyst to trigger a sell off so instead I expect a saw tooth decline.

[Trades w 2 Cats]

ES staying in the channel since regular open. Not much opportunity.

[Cobra]

The pullback probably will be bought. The ema20 below is the best possible place where it'd be bought.

[Al_Dente]

THIS MORNING, Art Cashin, BULLISH
https://www.cnbc.com/video/2023/07/12/s ... ashin.html

[Cobra]

Should be a rebound here first then we'll see. Now the best bulls can hope is a range day.

[Cobra]

Members only update at 11:58 am
http://www.cobrasmarketview.com/2023/07 ... ay-update/

[Al_Dente]

Yesterday Microsoft confirmed more job cuts
https://www.cnbc.com/2023/07/10/microso ... nuary.html

[Cobra]

Breakdown is more likely now.

[Trades w 2 Cats]

Last one for a month. Added two day volume profile on the right margin. The machine lead CPI news move could be erased in a heartbeat.
Thinking nothing happens until after FOMC.

Also on twitter posting of market carpet showing the FANG+ core big cap tech was not participating today. It happened at the last high as well. Of course a data point does not a rule make. None the less the bear count by many is that we have been grinding a B wave up off the October low.

[BullBear52x]

Bulls are marching on, nothing to see here. Dips will be bought

[BullBear52x]

Intraday: negative price action if closed below the red line, if bears lucky we may close the day with a shooting star?

[BullBear52x]

Internals and momentum, as long as $BPSPX and $NYMO are on the up side, bears will have a hard time, until then....Peace!

[BullBear52x]

Look at $CPC < .8 at yesterday's closed, we are in another complacency level once again. but need to see a good reversal. only price pays!

[JFR]

SPY daily.

Gap up. Through very strong resistance.

The market that will not be held down. It might still fail and pullback, but the signs are bullish.

[JFR]

SPY 60 minutes.

Another gap breakout attempt. Stronger and higher this time.

But it was a "stun gun" so far. That is a term a market "guru," that I subscribed with a dozen years ago, uses, meaning gap up and then flat.

For the bulls, the marubozu bearish candle was followed by three bullish candles.

[JFR]

SPY 5 minutes.

Gap up. Then flat.

There have been some directional moves, but not easy to play.