Cobra's Market View

We're in a range so direction is anybody's guesses. However, if Monday can be up then it'd be easier to guess. I've explained why on the chart.

I'm with you on Monday. I think we'll approach or even break the MA200 and then bounce back. Question then becomes how more attempts until it's finally broken?

Man_Utd wrote:I'm with you on Monday. I think we'll approach or even break the MA200 and then bounce back. Question then becomes how more attempts until it's finally broken?

usually the coming break MA200 attempt would be bought because overall it's just the 2nd time. It may break the MA a little bit or several days but eventually it'll bounce back. If however, we up and up after this time then come down again to test the MA200, then it'd be the 3rd time, the chances for the MA to hold would then be greatly reduced.

SPX DAX FTSE daily.. key time.. SPX needs to hold this level 2585-2550 range.. it doesn't loo to lower levels.. the red Ascending Triangle.. "should" have one more spike up .. at C here - ABCDE otherwise. bear flag from mid Mar.

SPX MacD and RSI not looking very healthy. RSI at 50ish with us on support.

DAX FTSE both weak considering…. pretty much at 2015 highs.. lost last 15 months of gains.. same level as 2015

There is potential for deeper pullback.. should we loose it here with conviction.. look to follow DAX FTSE? 2016 SPX highs - horizontal support ? sounds nuts.. worse 2015 highs.

fehro wrote:...SPX MacD and RSI not looking very healthy. RSI at 50ish with us on support.

fwiw.. comparison previous pullbacks