Cobra's Market View

Gap fill on NQ.

Back later ...

ES Ding Ding Ding 2478.50 yesterday's high.
Now What ? Usually not hear until late afternoon.

this bull shall have legs.

So mad bull



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Someone saying "Risk Parity Funds" triggered. Makes some sense, as the Jolts report puts rate hikes back on the table, thus equities have reduced risk compared to bonds. However, with the R2K a full 5 handles above the average daily range high, and it being a proxy for the most shorted bloomberg index I think a different game is afoot. Surprised if there are much in the way of shorts to cover outside of Tesla!

SPX/INDU nATH NDX/COMPQ/TRANS/RUT all lag Bonds retreat with gold

cashing in the chips.....

the pullback will be bought.

to dip again 68 ...

Small caps finding a bit of support on yesterday's high.

pullback too sharp, no longer perfect buy dip setup but still for now the pullback likely would be bought.

Small caps close to yesterday's close. Not expecting bearish engulfing, but can't take it off the table.

Cobra wrote:pullback too sharp, no longer perfect buy dip setup but still for now the pullback likely would be bought.

H&S top intraday completed.
Now for FIB fans here (again) the perfect half way back (50% retrace)

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Shaishen wrote:

Cobra wrote:pullback too sharp, no longer perfect buy dip setup but still for now the pullback likely would be bought.

H&S top intraday completed.
Now for FIB fans here (again) the perfect half way back (50% retrace)

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So maybe this time is different (stopped out)

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SPY TRIVIA:
August SPY Sector Breakdown
Technology (23%), Financials (14%), Healthcare (14%), Consumer Cyclical, discretionary (12%), Industrials, still ow GE (10%),
Consumer Non-Cyclical, staples (9%), Energy (6%), Utilities (3%), Basic Materials (3%), Real Estate (3%), Telecom (2%)

triangle so bias is down.

dailies a tad iffy..

HAPPY HOUR