Cobra's Market View

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2 legged down already but didn't go far so maybe the pullback is near over if not already over?

members only update starts here: http://www.cobrasmarketview.com/2019/09 ... ay-update/

Overnight gap down on ES, NQ and YM.

ES daily. Well above the EMA 20. Down a bit from the top of the base. It seems like much uncertainty in the markets.

Down to the Pivot on NQ and YM. One minute. Looking for support.

This is going lower, I got up late today, so will see, got to be careful on the buying from here.

Dipping a toe into the abyss. Doubtful if this entire gap down will close today but you never know.

I will buy the gap filled. I am expecting a late day reversal today.

MRK and V show losses.

Some of the DOW stocks heading south today.

The dip buyers will jump in here, lower wedge.

It is not all bad today. Some DOW stocks doing well.

Quiet time on ES and NQ. YM seems to be having a battle between the bulls and the bears.

Back later.

The details of today so far.

Unreal, LOD on SPX, HOD on smalls
Perhaps too many folks read the post on zh yesterday:
Small-cap value and small-cap growth are under-represented (or left out entirely) in the passive index funds, so when the passive ETF bubble bursts, they [small value] will be the few names left standing.
Sounds like such a reasonable hypothesis, I had to test it.
It doesn’t work that way, at least going back to 2000
Can’t these morons back-test their own bullshit
SLYV, SLYG… don’t even bother....

Meantime i have to wade through McElligott's dramatic morning note [he's been right for a year ++].
https://www.zerohedge.com/markets/quant ... to+zero%29

Al_Dente wrote:Can’t these morons back-test their own bullshit

warning: stockcharts is unstable now

Mr. B with the last post for awhile as I am heading out of the country for a nice trip.

The NYMO cycle is up.
It is dipping a little this morning, but otherwise is pretty healthy.
That said, a corrective move to the zero line would not surprise in the next few days.
The roll from the September to December ES contract is on deck, and it is not unusual for there to be a countertrend flush.
A downdraft to support around 2940 could do the trick.
Also this NYMO upcycle has been running 25 days now and can be considered mature.

Pricewise the index seems to be lackluster in this attempt to regain the ATH and close those open gaps above.
Perhaps a friendly central banker or tweeting president can inspire the bulls.
If the bulls can't find some mojo, the big ascending wedge (blue orange) could come into focus.
We're in the third push up, and this is unfolding within a possible big broadening formation.
I don't know what will happen, but these patterns are intriguing.

I am still long an SPX runner position with BE stop.
I also have an R2K long with one scale taken. I may take another scale (prematurely) and jam a stop before getting on a plane.
Given that I will be unavailable (but for maybe end of day checks) for a week and a half, the Fates may choose to initiate an important and tradeable market move while I am away.
This has happened enough over the years for me to be suspicious...