Cobra's Market View

Chop ... Chop ... Chop ...
Something's burning, I think it's premium!

DXY stalls at trendline level from earlier call outs 93.35 does it pause .. for a couple days.. or maybe 200d SMA retest.. or stays tight and goes again?

Down....

fehro wrote:SPX nibble tiny short .. looking for gap fill "IF" 50d goes.. if no up we go…. gap fills, maybe 20d

fehro wrote:SPX opens at 50d 2677 mind the gap, possible stall.. or go.. 20d SMA to the downside 2663 "brick wall" level

/ES

SPX 50d 2676 inches under it… 20d 2665 .. guess where? brick wall

FT71's primary scenario for today, all in ES. 2674, then 2670 then impulsive up to 2682.75 possible second move to 2690.25 93 range.
Finally getting the drop to 74 then 70.

In lines on the chart he was expecting a drop to yesterdays high then a second drop to yesterday's low followed by some big impulsive up moves .

Trades with cats wrote:FT71's primary scenario for today, all in ES. 2674, then 2670 then impulsive up to 2682.75 possible second move to 2690.25 93 range.
Finally getting the drop to 74 then 70.

2670 ES = approx 266.92 SPY
2682.75 ES = approx 268.16 SPY

This is NOT an impulsive up move. Pausing at VWAP is not a sign of strength in my book. European time zone traders going home without much to show for the day as volume profile heavily biased to the US opening print level a full point above VWAP. Yes that was a sarcastic sneer in my voice!

/ES 2665 key too

Back inside the blue lines. As TWC said, also struggling with the VWAP....

SPY Upper 268.16 PBar tagged and exceeded

breakout finally. this bull shall have legs.

SPX *nibble short again 2694ish .. mind the gap morning one .. or upper one

The thought of increased cost at the gas pump (transportation) AND increased cost of borrowing AND the market back to up ad up.....

scratching my old head I guess the $$ coming out of Bonds and the repatriated $$ has to go somewhere!

fehro wrote:SPX *nibble short again 2694ish .. mind the gap morning one .. or upper one

Key time

QQQ, XLK, XLF gaining RS thru the day
FXI, IYT losing RS.

from Alistair Willianson on Twitter
He sort of nailed my thoughts that this was a mini version of Friday triggered when we got to the area of Monday's highs.

Today Only Almost there