Cobra's Market View

Last chance for north bound train, Chuu choooooo.......All abroad

Sectors, daily
Is any sector above its 20ma?
No
Is any sector below its 200sma?
Yes, two of them are below

INTRADAY:
NY down-volume is 8x up-volume
HOD for bears

Mr. B checking in.

The NYMO cycle remains down.
There was an attempt to correct to the zero line, but it fell quite short.
The next few days could be interesting (as if the last few weren't...) as we could get a lower price low with a positive NYMO divergence... or not.

We have cleared a lot of gaps over the last several days and opened two fresh ones above.
There is a lot of space between current trade and these targets in both directions. Hmmm...

It is plausible, if last week's lows hold, that we could try another test of the highs.
This could make for a nice ascending wedge. (blue orange lines)
However, the 50 MA has been acting as resistance. (bearish)
If we continue to drop, the lower keltner band is soon to rendezvous with the 200 day MA at about SPX 2800.
That could be an important level. If it fails, we could see some serious capitulation below the June and March lows.
One day at a time. I haven't got a clue what will happen.

I am flat. It has been difficult trading for me the last week.
My R2K short runner was break-even stopped.
My SPX short runner was closed on a triggered long set-up.
I balked on the long given the lack of NYMO support.
Usually not executing is a bad idea, but this time looks good.
The market could run without me here, but I think fresh setups will lock and load ahead.

well, deep pocket always win

finally 51% chances of double bottom.

Another thing. Today is the second high TRIN day this week.
Anecdotally, TRIN pairs seem to precede a bit of a bounce or a pause.
Not an edge, but something to keep in mind.

LEADERS CHARTS update, daily
Other than SPY, there is only one other leader that is printing a higher low

Chart for the road: Stick to your playbook, this is daily Trend following, dip buying, as long as this baby not failing, trend is up, What is your time frame to trade? that is the question I asking myself all the time, stick to what works. Peace!

VIX is now at 22.30
Up 27.28%

failed double bottom, breakout on the downside is more likely.

Cobra wrote:failed double bottom, breakout on the downside is more likely.

THE DREADED TRIPLE-BOTTOM FAILURE...................

BullBear52x wrote:Last chance for north bound train, Chuu choooooo.......All abroad

maybe better chances down the tracks

Well, guess that's it for today. here's what Thursday looks like: https://stockcharts.com/public/1684859/ ... /533449387

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/ ... /533449387