Cobra's Market View

Indexes. Futures and ETFs.

Much of the market is down.

Not cooperating with me, as I was prepared to trade some longs today. Ha ha.

ES 5 minutes.

Fairly strong move down, after a quiet, range-bound overnight.

ES 60 minutes.

Boxes. From box to box.

Uh oh. The last move was down.

Getting near to S1. Eyes on it.

ES daily.

5325.75. Down a bit from 5333.00.

Birds on a wire. Somewhat precarious position.

But way above the EMA 20 and the trendline.

Bulls seem to be asleep.

ANF Abercrombie and Fitch. Apparel. Founded in 1892. HQ in Albany, OH. Most recent posting on here December 12, 2023. Trying for a breakout. Not recommending. Abercrombie & Fitch Co. engages in the retail of apparel, personal care products, and accessories. The firm operates through following ge...

ES 60 minutes.

Boxes. Play them as fades.

Trends are more exciting, however, and the market is in No Man's Land.

ES daily.

Knocking on the door of a breakout.

Keep on knocking without a jailbreak and it will give up and head back down South, towards support.

SPY daily. Nice move up in May, pushing the outside of the Bollinger. Two day pause now. EMAs 20 50 100 all up and in the correct order. MACD rising. Histogram sliding down. All above zero. Sto flatlined at the top. From all this, what now? No prediction, since it can go up or down. But, look to see...

Dow 30.

That is about the quietest board ever.

About even on the greens and the reds.

Pct Change is tiny, maxed out at just over 1% up or down. CAT up. INTC down.

ES 5 minutes.

Chop. Chop. And more chop.

Fades are possible.

ES 60 minutes.

From box to box.

And now in a very tight range, just beneath the Pivot.

ES daily.

Pause at the top, so far.

Breakout or pullback next; we don't know yet.

2nd big hit at the top.

Down a bit from 5330.

We don't know which overbought or oversold is the very top or the very bottom, but we do know it's due for a correction. we are at the overbought and ready for a relief rally pull back. Patience, React, and Don't predict. "Don't predict." Agreed. Prediction is fantasy. You could say here ...

ES 5 minutes.

Chopping along.

At the bottom of the range as seen on the 60 minute chart above.

ES 60 minutes.

From box to box.

Now in a very tight trading range.

Needs a breakout.

ES daily.

A doji. Sideways action at the top.

Needs a resolution, in its own good time.

ES daily. Back to the top. After 6 weeks of "fooling around," for the sake of the bears. Ha ha. No guarantee of going straight through, however. Safer to wait for breakout, pullback to 5330 and resumption of trend up. 2024-05-15_14-47-45.png Something like this ... 2024-05-15_15-01-02.png

WFC 5 minutes.

Was waiting for one of these, on one of my favorite stocks. It did not cooperate, up to this time. Ha ha.

Done for the day. Have a good one.

ES 5 minutes.

Heading back to the top of the range.

No fades for me today.

Later ...

ES 5 minutes.

Now testing through the bottom of the base.

Gawd. Range like behaviour.