Cobra's Market View

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double top or not, wait and see.

members only update starts here: http://www.cobrasmarketview.com/2017/08 ... ay-update/

INDU very happy.. gaps up to nATH .. again.. everyone else.. flat..

nibbled short on SPX in the pre-market *2476.5 .. 2465 to the downside key.. it goes. looking for 2438ish.

SPX gaps up to fill yGAP

DXY on the move.. be very careful on gold and oil…. the dollar has huge upside potential.. very long term.. "IF" it goes… gold could get absolutely destroyed… /GC 1250-1235 confluence of 20d/50d/200d50w/20w/10month/20month/50month KEY. It goes.. then 1210 - 1190 20month, and 8 month confluence of trendline supports.. that goes.. fast move to $1130ish.. .. $1130 goes.. the look to $925… acceleration thin zone at 1050-$925 expect HUGE fast moves.
$1050 goes.. multi year H&S target $700.. yup call me crazy.

fehro wrote:DXY on the move.. be very careful on gold and oil…. the dollar has huge upside potential.. very long term.. "IF" it goes… gold could get absolutely destroyed… /GC 1250-1235 confluence of 20d/50d/200d50w/20w/10month/20month/50month KEY. It goes.. then 1210 - 1190 20month, and 8 month confluence of trendline supports.. that goes.. fast move to $1130ish.. .. $1130 goes.. the look to $925… acceleration thin zone at 1050-$925 expect HUGE fast moves.
$1050 goes.. multi year H&S target $700.. yup call me crazy.

/GC weekly candle shooting star.. daily outside reversal.. buckle up

GM

SPX still on range to no where know direction ...

got stoped

morning hourly black bar

fehro wrote:INDU very happy.. gaps up to nATH .. again.. everyone else.. flat..

nibbled short on SPX in the pre-market *2476.5 .. 2465 to the downside key.. it goes. looking for 2438ish.

SPX gaps up to fill yGAP

Cover 1/3 + $4.00

looking like we are done on the short side for now.
ES ADR low 2467.75 today and the market got real close to that level. ADR low was violated Wednesday by two handles, but historically it has been pretty solid indicator of the bottom.

Small caps looking solid, refusing to drop this morning, just consolidating in a range, so far. Not tradable by me yet, but clearly something going on.

In keeping with the watch-out for a gold sell-off discussion, DUST the levered Gold Miners ticker is rallying pretty hard this morning...

DXY a mere 0.50 away 94.26 left chart daily… 30m right chart..

The TICKs look like they are set up for a rally.....

Up trend day...

Levered smalls showing some life this morning....

Do they ring a bell at the top? Why yes, yes they do.
https://www.cnbc.com/2017/08/04/the-bul ... tions.html

I don't know what caused the spike down on TICK and SPY, but it did help me get out of a scalp short that was stuck.

fat finger test

The QQQ's broke out, but the big guys are still stalled...