Cobra's Market View

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double bottom or not, wait and see. finally bulls have 50% chances.

members only update at 9:18 am
http://www.cobrasmarketview.com/2019/05 ... ay-update/

Daily buy the dip zone, Hourly sell the rip. all and all I am expecting bulls to make a move. early bird buy operation, internals nothing to be bullish about, the chart pattern is Buy first.

Morning bulls can not lose today, take half off the table, let the rest run.

I do not enjoy it when we have 10 point nearly instantaneous spikes because of some tweet. Also I think news events like that normally just pause the auction. Still need to determine if yesterday's low is valid or too high. But I try to not let opinion get in the way of what price is telling us.

I'll be worry for the bulls if they lose 75ish support level, so far looks like a range day to me. 78.25 is now my pivot.

Wishful thinking, I am on the blue.

Whipsaw Wednesday all day?

I am thinking we will retest the overnight High at the least before the bulls are out of juice.

I drew the lower line and drug it up for the upper channel. I figure an overshoot from the China tweet can be ignored. The mid channel line looks pretty good.

So after yesterday it does seem reasonable to have a slower day. The question is do we go up to the Euro zone close and then drift down or do we grind up all day.

bullish scenario.

As te-fern confirmed, along with the evil site yesterdays end of day monster move was buyback money. When they stopped buying and the Euro zone kissed 2900 the market dropped and the auction resumed from about where it was. Same as the trade tweet this morning. So I guess I am seeing a normal market in spite of the big spikes.

Ding ding ding

That was news algos jumping because of a White House Press release from Sarah Sanders on trade negotiations.

Testing overnight high will tell if bulls up trend day can sustain or not.

Trades with cats wrote:That was news algos jumping because of a White House Press release from Sarah Sanders on trade negotiations.

MARKETS
Trump says China’s vice premier is coming to the US ‘to make a deal’

Cramer: Trump’s trade tweet is about ‘getting the Dow up a little bit’ and pressuring China
PUBLISHED 42 MIN AGO

This is bordering on lunacy , really??? Was the Vice Premier coming here to do something else?? Blatant market manipulation by someone who can trade on market moving tweets..... But it did take out this morning's SPY high PBar at 289

Well there goes my channel

I got sell signal now. well, I am done today.

Sure looks like a top for now and bingo, 10 minutes from the London/Frankfurt close.

Chart for the road: If, that is big "IF" we closed right here and RSI is >30. a Daily buy signal of mine is triggered. see you all Friday, good luck trading, trade well. Peace!