Cobra's Market View

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this bull may have legs, touching the upper horizontal line is possible?

members only update starts here: http://www.cobrasmarketview.com/2019/08 ... ay-update/

bulls must hold, no fading allowed.

it's morning hourly filled black bar.

overnight p-bars on SPY

Overnight gap up on DIA, IWM, QQQ and SPY.

Maybe a tradable bounce!!

2943 is the last 8 day high, does it want to push to that???

break above the day high with strong bull bar in the next couple of bars then it's an uptrend day, pullback then it's a range day. my guess is a range day.

te_fern wrote:2943 is the last 8 day high, does it want to push to that???

SPY 50day MA is around 294ish..

Mr. B going to chillax for awhile.

Looks like the NYMO cycle low may be in.
We are above the zero line this morning and we have a higher low and higher high.
I want to see a positive close, preferably two to confirm.

Price is back to the middle keltner and about to close an open up gap target.
We have gaps above and below from trade so far this month. Messy!

There are certain markets I like to call shake and bake.
Stops get run on both longs and shorts at least once and perhaps multiple times in a rectangular or broadening pattern.
Last week seemed to fit that bill.
My attitude is that such times are Mr. Market clearing the decks and rattling nerves before delivering the move that is waiting in the cards.
Maybe it starts soon. Maybe it starts after Labor Day (after some more fakes), but there is a move lurking out there.
Let's see what happens.

I am still flat and thinking about some vacation.
So, my plan is to do nothing unless I get a compelling setup.
Given event flow ahead, that is possible but I kinda hope nothing consequential happens...

Pretty clear where we are looking at the July and August composite. Since we are in an area of prior "fair value" I think it will take some serious coin to move on up from here. Out of ammo on the trade tweets for now. Super Jay invoked "The Cone of Silence" so no help from the FOMC until Friday morning. Could be a boring week.

QQQ is right AT a major inflection point.. 50day and 20day MAs and current price are all the same. 188.50 would clear both MAs. Meanwhile, SPY and IWM are consolidating just below their HOD.

From MarketWatch

https://www.marketwatch.com/story/us-st ... od=markets

Apple Inc. AAPL, +2.65% Chief Executive Officer Tim Cook warned Trump at dinner Friday that tariffs could hurt his company and give rivals an advantage. Trump said Cook “made a very compelling argument, so I’m thinking about it.”

Tariff Man likes to play I win/You lose.

IWM hod. And now, spy as well.

Best performing dow stock: AAPL

from JFR's Market Watch link that he just posted:
AAPL: Chief Executive Officer Tim Cook warned Trump at dinner Friday that tariffs could hurt his company and give rivals an advantage. Trump said Cook “made a very compelling argument, so I’m thinking about it.”

ES daily. Chop, chop for a few days. Floating back up to the EMA 20. Is there enough hot air to push through?

Back later ...

Grinding market. Took my cup of coffee profit. Maybe should have let my stop loss work, but didn't want to take an actual loss....

Will follow the stop loss 20EMA on 5 min chart and see if I would have done better! Learning.....