Cobra's Market View

We are now at day 180.

Still has room to fall to get to the bottom of the channel. But, we're in a bull market so you never know....

Coolbiz1 posted on Twitter 2 hours ago. "SPX 2863.43 may have been a ST peak on Tuesday. Expecting a pullback of 40-70 points from near here or from slightly higher yet? It may last 1-3 weeks. @2860.85 now."

Seems to be climbing this bottom line of support. Now trying to break over this mornings line....

Still in Cobra's channel...

Doji city up here at the top. Indicators have barely gone green. You could interpret this as a higher time frame re=test of the days high. But considering how we revert to flat line summer market moves around lunch time I wonder if we just flat line into the close.

ROTATION
76% of SPY is these top five sectors
Relative strength (shaded panels) shows health (XLV) the strongest green
Tech (QQQ, XLT) and financials (XLF) are green, but weakening
greens are buys; reds are not buys
Daily

almanac, reminder
today is the 7th trading day
http://jeffhirsch.tumblr.com/post/17653 ... h-from-the

oddstats reminder that we are closing in on the VIX roll for the month.

Alistair on twitter commenting that this won't be built in a tent.
I will say that as long as Elon doesn't have to talk about cars his stock does OK. Sort of reminds me of that time when pro football players went on strike and the teams tried to use replacements.

not sure the move is to the day low or to make a triangle. I divided the range by 4 now, see if it can reach the buy zone.

The five minute chart clearly says ES 2862 is holding as resistance until the FAANG guys call back Goldman's desk and authorize more buying.

This new to me chart style has a seperate black bar for Dojis which is kind of nice. Hope it gets picked up by the other bar types.

Lots of reports that the SEC had already started looking at TESLA's claims before this latest go around. i am thinking of the supposed Mark twain quote "my friend was dying slowly then he died all at once".

HAPPY HOUR

Looks like the right pattern for that much anticipated pull back. Lower low followed by a lower high so far today. If we sell off hard into the close and head for the overnight low, well that would look like a bingo to me. Of course the FAANGs may have a different plan.

Some new lines and a downside target for the day...

TICKs have gone negative, let's see how it trades into the close!

fehro wrote:mind the downside, mind Tuesday's gap on SPY .. Bonds, VIXes green TRIN 2.00+

VIX daily hammer buckle up tomorrow.. bonds nHOD green

well, guess that's it for today. Friday tomorrow has been bull friendly. thank you guys, I'll see you in another thread soon.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp