Cobra's Market View

It could get really ugly if the weekly IWM bump and run setup plays out.

So the question you have to answer before buying the dip is has the market fully priced in a rate hike? :D We may know tomorrow if the rate hike is fully priced in. Yellen speaks at 1 p.m. Friday, if she hints at, or indicates no sentiment change for a March rate hike, and the market doesn't react ...

Beige book in about 15 min, market will probably not do much until it digests fed sentiment. If sentiment suggests no March interest rate hike then the market will likely react negatively. The consensus is there will be a hike.

Al_Dente wrote:Eventually this will top out, but it doesn’t help much when zh posts crash predictions every hour (which they've been doing since 2009)

You'd think David Stockman was running the place

Quite a long channel paved in blood for the poor techie shorts who didn't get out of the way.

Potential wedge threat on SPY if it struggles too long breaking out of this channel.

uempel wrote:So far there is a certain similarity between the rebound in 2011 and the this week's market action.

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I was looking at similar for 2008 October low. Trough to peak in October low was about 18 pts in 3 days.

"Tim Cook refutes China worries, calls Apple's growth 'strong' in rare mid-quarter update"

Apple almost totally recovered. Possible pennant on SPY could take us to break even on day

Looks like the markets are going to open down over 5%. That's a whopper.

Refined wedge channel. I think it may stay in this channel until Fed minutes released, or further collapse of China market?

A potential rising wedge to keep an eye out for.

People can throw out whatever technical indicators they want to say a crash is coming. A correction always comes, but the higher it goes the less impactful a correction will be to people holding long positions. The 1987 crash did nothing to bulls who bought in the early 80's. They could have chuckl...

I went short SPY at 209.52, I think we'll get a bit of a pullback before heading higher, we'll see

Out of Bounds wrote:

jungle trunks wrote:SPY 1-hour is a pretty bear pennant

I see the pennant but I don't read it as bearish.
Looks bullish to me.

It wouldn't be the first time I was wrong, last 6 bars reading as a flagpole with triangle pennant

SPY 1-hour is a pretty bear pennant

Just purely on instinct, I think with the elections 3 weeks away that the market is likely going to drift up unless a black swan crashes the party.

I'm watching XLF 1-hour, the chart is threatening a potential sizable breakdown

is there some news creating this drop?

Utilities looked bad today

There's been RSI negative divergence on the SPY hourly last couple days, maybe a pullback due?