Cobra's Market View

Today's big move looks like it is ending soon.

Still waiting for the range to move up to 3380.The 3375 level is very powerful. All this back and forth between 3370 and 3375 should make it a sticky area when the much anticipated multi-week pull back hits.

This is looking a lot more solid. 500 to 1,000 by transactions at each tick, as in a significant auction.

ES 03-20 (6000 Tick Volumetric) 2020_02_12 (9_03_47 AM).png The reason I like having a footprint chart going on the edge of my screen.Look at how ridiculous that big green bar is, several levels with very low transaction numbers. So you know if there is no follow up it is a strong candidate to be r...

Going to be a long day of watching this thing go nowhere. Maybe when the euro time zone crowd goes home something will happen. Well there you have it, the swing indicators say lower. Mr. Bachnut sold and Coolbizone is accumulating puts. Should know in a couple of days if they have regrets or are buy...

It's all about the options again. As long as prices ending in 5 and more so 0 are support resistance then you know it is the big boys doing puts, calls and the market maskers being forced into hedging those bets.

My chart says gap closed on ES using the 4:15 session close.

Working it's way back to 57. Note cumulative delta looking ugly.

Updated wave count from Coolbiz This pullback is OK for a Wave (iv) in the range of 3360-3355, so far 3357.89. Next is a leg up to 3379-3387 area to complete the Wave (v) of [v] of Minor 5 of Int. (3). Personally I would like to see the opening print and overnight low in the rear view mirror before ...

ES 3357 was the middle of the night high last Thursday. It seems to be important.

Double bottom, for now at ES 3360. Coolbiz was calling that the significant level. I see it being heavily defended.

Fed Balance Sheet Expanding Again = UP https://fred.stlouisfed.org/series/WALCL No way they can reverse course until those I-Phones start shipping again. Real issue is somebody has to buy all the new issue treasury debt and if the Fed doesn't provide the $s then the money will get pulled out of oth...

And boom we are back. Euro time zone folks are going home so there goes volume as well.Wondering if we go to work on the gap or just chop.

This morning all the resting liquidity was up in this range, almost zero buy orders which is unusual. FT71 plan was to go short up here and ride it down for a 10 point trade. First part has worked out, now we will see about the ride it down for 10.

Order book very lopsided at ES 3370 assuming a major options level.

Back into the range. Going to take a lot of printing to break out from here.

Still thinking ES 3340. Added benefit of being a significant options strike as it has a zero next to the decimal point.

I have ES 37.50 for the measured move second leg. Volume profile/past action says ES 40. Poor price action is making those look like good calls right now. Need more cow bell from Fed Reserve NY operations desk.

Oh man it's Deja Vue all over again. Sunday night, Monday morning repeat move. First time stopped at that high volume node (former resistance/support level) waiting to see if the outcome is different the second time around. If it breaks out volume profile says tough sledding going much further up.