Cobra's Market View

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consolidation, bias is up.

members only update starts here: http://www.cobrasmarketview.com/2017/07 ... ay-update/

possible resistance near here.. SPX daily fwiw. If so.. mind the lower pink, 20d 2433ish

AAPL gap fill powering early RS in XLK and QQQ.

IWM weak.

Testing Friday's closing minutes low/overnight low. How many bounces are allowed at this support without a new high?

The indicators at the bottom are coming off of oversold positions....

If you accept that the R2K is a proxy for high volatility stocks, that is to say that this popular chart is a valid correlation.


Then this is very concerning about the R2K future outlook.

index dailies... COMPQ tryin desperately to make nATH as SPX/INDU/TRANS did last week.. just 15 points short .... RUT also just no nATH last week.. sooo close

Trades with cats wrote:Testing Friday's closing minutes low/overnight low. How many bounces are allowed at this support without a new high?

As many as needed.

"All bulls need is imagination." - Cobra

nibble short. not ideal.. 2460 SPX

fehro wrote:nibble short. not ideal.. 2460 SPX

EFA, EPP basically flat. EEM, EUFN down a bit less than -0.5%.

Foreign markets have been a tailwind for the past week or so, even stronger than our markets. And China disappointed majorly, overnite, in some financial/banking fashion... major indexes there were down 3-4% in a mini flashcrash, before recovering.

Levered financials are bouncing.....

Levered Tech has pulled back from high of the day...

KRE has been leading the rebound in financials... just briefly went green.

4th or 5th touch on overnight highs, I'm losing track.

fehro wrote:

fehro, I would call that a double top....

Looking like everyone is keeping their powder dry for tonight when the ultra critical new subscriber number is revealed. I see a strong parallel with the Shale drillers. They borrow money for wells that may never cover the debt but as long as production keeps going up people want in. Netflix borrows tons of money for new content that may or may not ever generate enough revenue to cover it's cost but as long as the subscriber number is up and to the right no one cares about profits or future liabilities for contracted work. I don't trade Netflix because it has a faith based valuation and I don't have the chart skills to understand that. But I do know how to chart that type of stock when the faith goes away, it is called a waterfall collapse. The rebounds are vicious but the drops are spectacular.

ding ding RUT nATH

so SPX/INDU/TRANS/RUT/NYSE .. now all made nATH last week/today laggard COMPQ almost there.. NDX lags the most