Cobra's Market View

SPY 5day MA now at 176.33; 10day is at 176.34.. ultra short term traders (day or short-swing) who are bearish might want to see price below these two key widely watched MAs before initiating anything to the downside.

Regional Banks are loving the higher rate environment, and have surged higher all morning. Although they often correlate with homebuilding and construction ETFs like XHB and ITB, the latter have been pockets of weakness, since higher rates hurt them faster than economic improvement helps. Oddly, the...

per StockCharts, current SPY 5day MA is ca. 176.27; current hod was 176.27...

Yesterday $NYMO-daily closed well below its 18day Keltner bands (some use 20day but the net results are similar). Most of the time this year such closes, well outside the bands, upper or lower, tend to return to the midline fairly quickly, starting the process either the next day or shortly thereaft...

SPY in the 175.60-70 resistance zone..

SPY in the 175.60-70 resistance zone..

5min timeframe, QQQ below 20 and 50period MAs, daily VWAP, and intraday trendline... above 83.05 will clear all that...

IWM looking weak and testing LOD; UUP tags the 50day MA for the first time in a while.

QQQ having less success w yest. HI than IWM did...

IWM pushing again at yest. intraday HI ca 108.60; per Cobra rule of many taps on the door it finally opens, likely to bust thru into clear blue skies.

$RVX is falling rapidly, but some of that will be due to shedding of protective puts, rather than call buying.

SPY pullback did not even reach Cobra's first, modest target (tinted area); TLT hovering near another fresh HOD; SPY again above VWAP. Bears are reluctant to commit, with risk of a deal completion so near.

SPY below daily VWAP, first time since 10am.

Fed beige book sees "modest to moderate" growth. The porridge is not too hot, not too cold. Just right.

IWM, TLT both pulling back here from short-term resistance levels (prior highs).

IWM testing HOD, set earlier this AM.

A BullBear52 favorite to monitor, $RVX (vix for smallcap RUT), hitting fresh LOD.

5/15 min (intraday) timeframes: SPY is now back above 20 and 50MA in both.

TLT pushing at fresh HOD (105.30ish)

NYSE advancers near HOD.

IYR, ITB, XHB, XLB gaining in RS thru the day so far; XLI, IYT, IWM fading in RS...

NYSE up/down vol and advancers weakening here-- but still at strong levels.

Financials surging to fresh HOD, leading the general market higher... always bullish in headline driven markets when they are strong, since they are the most sensitive to twists and turns of news.