Cobra's Market View

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51% chances of making higher low here.

members only update starts here: http://www.cobrasmarketview.com/2019/07 ... ay-update/

sharp down from here then it could be a downtrend day otherwise it's just a range day (more likely).

Overnight/weekend gap down on ES, NQ, YM and IWM.

broad selling today, this shows the last week it was just a short week effect.

Cash SPX gap that I think this pull back could expected at the least. very over bought market.

now breakout on the downside is a little more likely.

Last week, end of the week, Nomura's golden boy had charts out, reposted at evil site, showing options Gamma hedging nailed the reason for the super low volume melt up. Well it is over and the reality of things will start to be a heavy weight on the backs of the fans of Soviet central planning that think Christine LaGarde will save us by doing more of the same.

Cobra wrote:now breakout on the downside is a little more likely.

ISE Option Sentiment = SELL

More than two undervalued PUTS for every call

Volume also clear, on the last two major peaks and this very last one, None high volume supported the breakout (break up side)

Volume is a joke today, seems range bound between 296.5-297 on the SPY

/ES, 10 more handles is not that greedy

spy, iwm LOD; QQQ not yet

Heck wrote:

Cobra wrote:now breakout on the downside is a little more likely.

ISE Option Sentiment = SELL

More than two undervalued PUTS for every call

ISE Index Option Sentiment = SELL MORE

Now more than Three Index Option undervalued PUTS for every call

Cash index, one more sell before the lady shows up

No new LOD from here I will call it a day.

SPY, QQQ holding above their (now flat) 5min 20ema--first step twd today being only a range day, with no more downside.