Cobra's Market View

One min. positive reversal, now you see why everyday I mentioned " Cas SPX Fib" as you can see here a break above 61.8% then retested, got support and flying high. some thing day traders should have in His/Her tool box.

Cash SPX Fib update, bulls need to stay above 61.8% by the closed to keep this 1min. reversal into tomorrow.

Just a little update:

I tuned the channel in the chart to today's low.
It looks like a good fit. So, the rising bottoms line is a key.

Note that NYMO has turned up a bit. Hmmm...

I did end up getting neutral with long short time frame position against short long time frame position.
The long will get scaled out today and probably tomorrow. Will look to add short or stop out.

I was very naughty and went out for lunch. Got back and what a mess. Started looking and yes my earlier sarcastic post about bulls needing a china trade tweet or a Fed speaker was 100% correct. Odds of a July .50 rate cut went from 33% to 50% after Williams speech. So yes Fed speakers see rotten economy and the market takes off.

Cash SPX Fib update.

Al_Dente wrote:Today we get our first red Elder bar since the June low
on the SPX and the QQQ
Let's see if they can close red

Nevermind
Looks like SPX and QQQ will close blue again

well, guess that's it for today. here's what Friday 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