Cobra's Market View

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Rebound on testing the March lows, no idea how far it can go.

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

DXY Dollar index futures

DXY fallen through 100. Not to the recent Trump low yet.

I believe it's Fib 61.8% mm. although after it there might be another leg up.

will bull stop here?! 20hr EMA and also on the daily chart looks like a breakdown of 50EMA and back test today.

mini pullback target.

3rd leg up didn't make new day high, not good. now let's see if bears can make double top here.

Knock three times!

ascending triangle, breakout more likely.

Nice footing but no harm to the bears.

ES Average Daily Range forecasted high- Globex session 2343 RTH 2346. Either way this is the tail end of this move that really got going a couple of hours before the RTH market opened (7:30 ish AM) and has already put in three clear moves up before getting stuck on resistance two hours ago. My concern is all the up was while the dollar was dropping and all the wedging has been happening during a dollar bounce.

Cumulative TICK has been trending lower since about 11:30 while price has traded sideways to higher. Not giving me a lot of confidence to get long. Maybe we trade down to VWAP at ES 2335.25 at some point. First test of that level should be a decent quickie at the least.

Gotta break through ES EMA 20 on 5 min first though. That level has held all day.

Confidence Builder, I have a long signal on ES that is going nowhere and a short signal on the TF that is going nowhere. Somebody is going to be wrong!

Trades with cats wrote:Confidence Builder, I have a long signal on ES that is going nowhere and a short signal on the TF that is going nowhere. Somebody is going to be wrong!

Maybe Cobra's ascending triangle breakout wins out.....

still breakout more likely.