this chart shows what I mean, could be a Descending Triangle in the forming, so really hard to call now. let's wait for a few bars...
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LOL, ChiOsc on 60 min SPY hasn't even turned negative yet! They're still buying dips! This week could be somewhat ugly. Seasonality is bullish for Wednesday though.
Cobra wrote:by the way, ES is telling different story, either this is a bear flag in the forming, or we breakdown right from here. anyway, I mean I'm not trading the reverses up here.
Did you mean to say ANd we break down from here? Instead of Or we break down from here
it's "OR". I meant either we breakdown directly or after a rebound we come back down, either way, the selling doesn't appear over yet.
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when you see my comments or analysis, be sure to understand the time frame.
If you trade daily chart, then forget what I said in this intraday comment thread. And if you don't understand most I said in the daily market outlook (posted every night), then forget about the outlook, all you need are the trading signals, follow cobra impulse system should be enough. For now the Cobra Impuse System is still pointing up, just it should be out of the long as of today's open, because the stop loss was hit.
The daily outlook and the intraday comment are not for beginners. you must have your own trading system and basic TA knowledge.
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Cobra wrote:by the way, ES is telling different story, either this is a bear flag in the forming, or we breakdown right from here. anyway, I mean I'm not trading the reverses up here.
Did you mean to say ANd we break down from here? Instead of Or we break down from here
it's "OR". I meant either we breakdown directly or after a rebound we come back down, either way, the selling doesn't appear over yet.
I TOTALLY agree with you that either way, there is one more drop before a meaningful rebound. There is no setup on the LONG side for short-term play yet.
I've been a MOMENTUM trader over a decade & I only trade setups ranging from scalping, day or swing trading for living. My posts on here are ONLY FOR FUN & therefore not recommending anything to anyone. GLTA.
ok, the 3rd score. remember, a decisively breakdown would invalidate my 4th call which looks very likely now. let's wait and see...
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ES is on the support now. Looks like more down ahead for now...
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overshot, volume surge, i believe we'll see a rebound here to fulfill my 4th call. I still think I'll have to adjust my 4th call eventually, but let's see how this rebound goes first.
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Financials still looks very bearish to me.....could go down very hard and we could go down below MA(50) tomorrow and then 3rd test like a charm on MA(200) which I expect we flush down below...
Monthly chart on XLF about to get a negative MACD cross.... usually bearish
wow. not good. the bond vigilantes are out to get a country to default so they can get paid on their CDS'... of course when this happens the banking system will need a bailout to cover the costs of this 'insurance'.... we've learned nothing from the last disaster. so sad.
critical point here. I'm partial out short again, leave the rest to the close or stop loss triggered, let's see.
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Today was critical for EUR spreads ! Why? Because it is no more Portugal or Greece we are talking about, it is Spain and more important Italy !
We are talking about 4th and 3rd economy of the Euro zone (germany 1st, france 2nd).
So now, have a look on the 10Y sovereign bonds and imagine the damages on the treasury/mutual funds owning these products :
Today was critical for EUR spreads ! Why? Because it is no more Portugal or Greece we are talking about, it is Spain and more important Italy !
We are talking about 4th and 3rd economy of the Euro zone (germany 1st, france 2nd).
So now, have a look on the 10Y sovereign bonds and imagine the damages on the treasury/mutual funds owning these products :
thanks, looks pretty bad.
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EWI is leading global market to sell-off. So far, it drops 6.39%
I've been a MOMENTUM trader over a decade & I only trade setups ranging from scalping, day or swing trading for living. My posts on here are ONLY FOR FUN & therefore not recommending anything to anyone. GLTA.
Cobra wrote:critical point here. I'm partial out short again, leave the rest to the close or stop loss triggered, let's see.
Cobra, is your projection for the low of the day today also more likely be the low for this week and we'll see some move up in the next few days or do you think the market will go a bit lower before bouncing?