Cobra's Market View

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double bottom or not, wait and see. I say, 49% chances.

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

Quiet start, see how long this channel lasts....

Semi's went straight up right from the start....

Pretty quick broke out to the up side...

In a pretty narrow range this morning...

if strong up from here then it could be an uptrend day but since it'd be mostly in last Friday's range so to me it's a range day anyway. Sharp down from here then it could be a downtrend day, but I'd void short anyway.

Starting to think the market is waiting on the FED!

Small caps lag, BUT
"Non-commercials’ bearish position in Russell 2000 mini-index futures is near an 11-year high. At some point in the future, these holdings can provide a tailwind to the cash, as these short positions get covered [...Until then, the bias remains down....]. Monitoring of key support levels on the Russell 2000, therefore, is important."
https://hedgopia.com/apathy-toward-smal ... ide-clues/

breakout on the downside is more likely.

Cash SPX Fib, Range bound but is now leaning bullish.

Over all short term internals and short term trend are bearish bias, I am bearish bias, sell side that is.....

see Hourly selling is still in good standing, new LL from last week low will take this market down fast.

Yogi Berra said When you get to a fork in the road take it.
Playing with Andrews Pitchfork which every charting package has but nobody uses. The extra red lines are the do it yourself add on for when it breaks outside of the tines.

Yes I am just compensating for being not so hot at trend lines.

Be fearful when everyone is greedy

looking @ market profile today, we have both poor high and poor low ATM, sell HOD or Buy LOD is the way to go for intraday trade. for swing overnight holding I am leaning bearish.

resistance

last 20 days
percentage profile of miners and semis compared to SPY (purple)

ES daily has pulled back to the EMA 20. Forming a base.