Cobra's Market View

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no idea up or down from here.

members only update starts here: http://www.cobrasmarketview.com/2019/06 ... ay-update/

Buy day today, but a little overbought already. sit on hands.

Buy

Markit PMI lowest since 2009 teetering on the brink of recession at 50.5 with new orders on the wrong side of things.

Closed with a Hammer candle will be nice

No gap today. Odd.

We just closed another target at SPX 2743.07.

I wasn't planning a post today, but I continue to see the NYMO not cooperate with price.
Friday for the third time, we opened in the turn zone but closed above.
We continue to have a positive divergence with price making new lows but NYMO closing above the May 13 low.
Each stairstep drop in NYMO has been smaller creating a descending wedge.
Today NYMO is up intra-day while price is making fresh lows.

Under the hood, someone is buying.

I am still short, but looking for a turn up, perhaps for a trip to the middle keltner (now 2838).

loaded the boat this morning.

I am expecting a volatility market but not at this rate. well, I am a buyers today, will see.

Futures Trader 71 pointed out Friday's close in the ES this morning. There was huge volume with no price movement. So as everybody was getting out others were willing to go long into the weekend. He pointed out that for longer term people, these are good prices.

Of course many hear Nero's violin in the background. Especially when you read about cash flows this year.

Double top or breakout?

This is new:
QQQ just broke below its 200sma today. And it broke below the 38.2% retracement level
$NDX broke below 200 Friday

take half off the table, morning bulls can not lose today. same playbook.

Back to the top of this channel. Need it to break out.....

next resistance 66ish

I’d been patiently waiting for GDX to break its box, either way. It’s been in a boring-horizontal-trading range for ONE MONTH, then on Friday, IN ONE DAY, it gapped and raced up to its cyan-box target already, on huge daily volume. Another gap this morning. That’s a powerful move right there.
60m

maybe it's uptrend day, maybe this bull shall have legs but as long as it's in the previous day's range I'd treat it as a range day, i.e. no trust of any move.

Wishful thinking, I am on the blue.

One year, as in 12 months, NDX (black) is just below where she was last June, and SPX (purple) is almost below.
I imagine the long-term holders aren’t pleased about that.