Cobra's Market View

I am sitting out, it's a little bit weaker than I like for da bulls here.

It's a range day. well well well , see you all tomarooo

SPX stocks above 200ma = 47.60 % as of Fridays close.
More than half (238) of the SPX-500 stocks are BELOW THEIR 200ma
Oy

Al_Dente wrote:SPX stocks above 200ma = 47.60 % as of Fridays close.
More than half (238) of the SPX-500 stocks are BELOW THEIR 200ma
Oy

If you look at the Volume by price ( Volume profile) on a daily, there is Value right about here. but for a trader you don't want to buy at the value, no discount, the question is will the market discount further for a good buy?

Chart for the road: No reversal to call for but a counter trend so far. Trade well, Peace!

I don’t know how else to say this: VIX should have been higher last week. This is some kind of bull-spy divergence.
Yes, options traders were buying puts last week (VIX higher highs, higher lows), but not as aggressively as they “should” have been.
And today we get a lower high on VIX … at least for now……
15m
[SPXS IS LEVERAGED SHORT SPY, to show how aggressive the shorts were, and how weak VIX was by comparison]
Feel free to show an alternative interpretation of this.

Still in the down channel....

.....

..............

Somewhere around here is last years point of control according to FT71 and he said it pretty well matches this years, so I was not shocked at BullBear's daily Volume profile. Last week towards end of the week several were pointing out that those who own indexes via ETF's were flat for like the last 13 or 15 months.

Sell in May and Go Away. Coolbiz updated his detail Elliot wave count and pointed out that over 17 trading days in May trading 20 ES contracts he made over $100,000. So that is a good reason to listen to what he is willing to teach about the markets, not that I would have the courage to hold 20 ES contracts overnight. That is $1,000 per point, which is why he made what he made.

maybe the range low was in, now looking for the range high which could be the day high. just maybe. in a range day, nothing can be trusted.

The last time we were this oversold was December 19 – 24, 2018. Recall those four oversold days back then were deadly down days, purple box, showing how oversold can get even more brutally oversold.
[Using stochastics 6/4/3 on the daily as a measure; use RSI-14 too].
A bounce is just a matter of time… Minimum bounce would be up to test 2800 again. There will be plenty of sellers defending that line.
Daily

ROUGHLY, nearly
TICK hit below -1000 at 12:30
Above +1000 at 1:10

It was Mr. Bullard again. Only I don't think it will mark a major bottom this time as what he is suggesting is already priced into the futures.

Yea, the Fed's ability to jaw bone the markets has ended. Mr. Market says walk the talk, show us the cuts.

Rob Hanna’s CBI Index is proprietary and opaque, so I don’t usually follow it
But this looks extreme:
http://quantifiableedges.com/the-quanti ... n-one-day/

Trades with cats wrote:It was Mr. Bullard again. Only I don't think it will mark a major bottom this time as what he is suggesting is already priced into the futures.

And now in the last ten minutes ROUGHLY
TICK Above +1000
TICK below -1000
oy

I swear I did not see all the Bullard sarcastic comments on twitter before I penned my own. The man needs to join Larry Kudlow in Sarasota Florida at the Ringling Brothers retirement home (the clown wing of course).