Cobra's Market View

Nope...

If Powell says something positive, we are setting up for a good bounce....

ES 2619 area happens to be an S3 support pivot, the overnight low and a price level that has been tested multiple times. It clearly has to be a major line in the sand today.

Note to wave counters from the usually bullish Coolbizone this morning. He is flat and in cash saying "When in doubt, get out".

fehro wrote:indexes struggle to fill gaps and move over MAs .. so far.. mind /ES oLOD to be tested

come to papa .. almost here.. worse case SPX 200d SMA 2693.82

This line seems to be working so far....

this bear may have legs. maybe a downtrend day.

fehro wrote:.. worse case SPX 200d SMA 2693.82

2593 seems more reasonable

te_fern wrote:This line seems to be working so far....

/ES as well.. but may undercut oLOD blow out stops? .. and test 2617ish

te_fern wrote:If Powell says something positive, we are setting up for a good bounce....

Until THE Tweet that contradicts the positive ??

This, at least, has been a more thorough retest of those steep declines overnite. Around 7pm or so SPY/QQQ were down ca 1.5%,

Could have been a good day for London/Frankfurt day traders playing the ES. Buy the open for a repeat of the last Tarrif twitter battle and hold until the US market settles down, then short on weakness, close out before the 11:30 New York time end of the day. A nicely profitable day to end the week.

fehro wrote:

te_fern wrote:This line seems to be working so far....

/ES as well.. but may undercut oLOD blow out stops? .. and test 2617ish

after a lunch time grind up .. of course.. … we will see

K447 wrote:

fehro wrote:.. worse case SPX 200d SMA 2693.82

2593 seems more reasonable

whoops yes.. not enough coffee this morning

ES VWAP at 2641.25. Price is within 1 deviation, that is the noise range. Would anybody in their right mind be short going into a Fed Chair speech on the state of the economy.

S2 pivot is proving to be resistance....

Trades with cats wrote:ES VWAP at 2641.25. Price is within 1 deviation, that is the noise range. Would anybody in their right mind be short going into a Fed Chair speech on the state of the economy.

And after this big drop already today!!

Everybody ready to play out guess the Algos when his speech is released. Will it be normal Fed day rules or something else?

mini rebound target. exceeds it then the low might be in for today.