Cobra's Market View

text book target.

Overnight gap down on ES. Filled.

$TRIN is hanging on above 1, if the bear can hold on to that, down tomorrow is likely. not that I will hold over night.

Chart for the road: down volume is on the lead, now bulls will need to gap up hard or down she goes. Peace!

There is no doubt that Powell could give us a big drop tomorrow. The open question is would he guarantee a rate cut and then be able to defend it.

Big picture. Pulling back to support. Chartwise, the market looks fine, in my opinion. Nice breakout, pulling back. But it always corrects in due time.

IWM is about to form a daily NR7 bar. Market is Fed-fixated, waiting for testimony. NR7 bars often move dramatically out of that narrow range...

Of concern to bulls: the IWM:MDY ratio on a daily chart has only recovered about 1/4 of the drop from its recent high to low. A rising ratio often correlates with rising animal spirits, risk-on postures.

Bigger picture. SPY monthly. Nice calm rise under the previous President. Rather a frenetic ride lately under the current one. It rather matches their personalities, methinks. Due for a very big pullback? At some point, yes. IMO.

seems the breakout failed, back to the range.

IWM hod, gap fill. SPY unch'd, even slightly up now...

RAMP EXpress running exactly on time (3:30 Eastern)

well, guess that's it for today. here's what Wednesday looks like. thank you guys, I'll see you in another thread soon.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp