Cobra's Market View

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3 push up and 2nd test of the previous high so maybe pullback here?

members only update starts here: http://www.cobrasmarketview.com/2017/04 ... ay-update/

this bull shall have legs.

NDX nATH .. COMPQ not quite there.. resistance… here SPY 60m fwiw. .. does it stick … mind the morning gap /CL runs into 20w SMA near here at HOD, >50d SMA

XBD, KRE both hitting fresh LOD, as QQQ hits hod...

mixed sector perf today

COMPQ with NDX nATH .. as oil stalled at 20w SMA at HOD

Once again API not confirmed. Reuters says US crude stocks are now 35 million barrels above this time in 2016, that is 7%. Again, the broken record recording here, OPEC/NOPEC has until July to make that go away. 10 year average is 193 million below today's number. In a couple of weeks the refiners will be going full throttle but it will take some really big draws week after week after week to prevent a panic sell off.

Interesting split opinion this morning.

Negative EIA inventory report doused entire rally at 10:30.

BANNON REMOVED FROM NATIONAL SECURITY COUNCIL ROLE IN SHAKEUP

be very careful on gold.. big H&S on 60m /GC "could" see a VERY sharp drop today with FOMC, DXY pressing 50d SMA for days now.. "could" pop up huge.

It holds then ascending triangle. Monday night highs on gold tagged 200dSMA and 50w SMA fwiw.

Here is both a link to my April preview as well as some pre employment thoughts.

The new high today - satisfy the normal condition of the market exceeding the late March high in April - turns out Monday's pullback was a bit of a fake out. (at least for me )

http://www.cobrasmarketview.com/2017/04 ... ay-update/

-D

pullback was bought indeed, now it's 2nd test of day high, wait to see if bears can make double top.

Cycle performed nearly flawlessly in the last year or two - except end of January. Suggests swing to the upside as from today.

rising wedge a possibility? we shall see...


download/file.php?mode=view&id=105885

QQQ, semis and “The Big Five” AGMAF
Can’t argue with the big monsters
However, the TICKQ keeps pointing down for the full nasdaq (not shown here), and soon somebody will need to catch up/down