Cobra's Market View

Al_Dente wrote: “BIG M”
http://thepatternsite.com/bigm.html

Thanks for that!

This pattern must have some sort of a name. Regardless, an interesting overnight action followed by a boring regular hours market.

OK who is going to bet on tonight's Chinese headlines?
Sure looks like Mr. Market is not interested.

Break out or double top, here we go.

Day like this where it is clear the big boys want up it is hard to go short. But 45 minutes sitting at yesterday's close and then slowly fading away sure looks like a topping pattern. Put in the lower low, waiting on a lower high for more confirmation.

Big traders know they have the banks in a corner on this one. Big question is what happens once that liquidity is drained, do they push on for the gap or take their profits and call it a day.
Almost 1600 sell orders now at 75

Order book is lumpy defending the ES 3375 strike.

Let me add, and every body knows it.

ES 3372 is clearly the magic number. Will third time be the charm. If they get there that 18 point spike has very little volume behind it.

Futures Trader 71 said overnight volume was 4 X normal. Noprmal is 10% of regular hours, so last night was equal to about a half day. The first drop took 3 minutes, then it slowed until the magic options number floor of 3350. FT71 commented that the European trading was a two way back and forth. Wel...

Hello volatility, my old friend
I've come to talk with you again
Because a vision softly creeping
Left its seeds while I was sleeping…

ES 03-20 (6000 Tick Volumetric) 2020_02_13 (8_00_51 AM).png 6000 tick volumetric shows those dip buyers pushing it up, then we coast untill they try for a second leg and fail, followed by the orderly sell off.Second row at bottom shows the delta on each bar, bottom row shows cumulative delta since ...

Three tries, three pullbacks. Starting to think the lower end of the gap gets filled.

Heck wrote:SP.1 Mar Futures
BUYING Above 3,348.50

If you didn't look at the Globex charts from last night where did the drop conveniently stop? Why a major strike of course.Sometimes it looks like the options market is running the futures market.

So as I said, the question is will the PBoC show me another pink box tonight?
Because if they do not the wave count from Coolbizone is set for 3 weeks of down.

Power hour. Twitter feed saying the volume has been really low today. Newsfeed saying the CCP showing that the situation is under their control and implying that it is just a matter of time until the virus goes away. Charts showing that the PBoC and the "Home Team" have eliminated the viru...

Wow, everybody wants to sell the high.

With virus living for 5 days on hard surfaces nobody wants stuff air freighted in from China right now.