Cobra's Market View

Down 1 week, the next week has 63% chances to close up.

5/10 Nomura: The closing out of long positions will continue until the index has been brought down to 2,820 or even 2,800.
“What happens in global equity markets from here may depend largely on what transpires in the US-China talks, but the present sell-off can arguably be explained by the changes in supply-demand suggested by historical [GLOBAL] sentiment patterns.”
…while global stocks can be expected to stage a rebound soon [maybe next week] as a sort of velocity adjustment, we would then expect another stock market retrenchment [decline] towards the end of the month…
[Anybody have a symbol for tracking GLOBAL sentiment?]

From "It is what it is department" Daily buy the dip triggered Friday.(RSI>30). For bears, Hourly is only friend. I see a level 2900 as a battle zone. Another key internal to note is $VIX, closed right at 16. a panic buying at 23 shows the dip buying is live and well. (very fearful and over sold at or above 23, blood on a street level) going into next week, a buy on this market will continue if $VIX is less than 16. I will pay attention to $VIX movement closely for day trade guide. keep it simple and Trade well, Peace!