Cobra's Market View

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the line above won't hold if bulls are able to touch it again.

the members only update starts here: http://www.cobrasmarketview.com/2019/10 ... ay-update/

it's morning hourly hollow red

break above yesterday's high with good looking bull bar then it's an uptrend day. key time.

Headline:
Fox News' Edward Laurence tweeted:
"I have learned the phone call between the heads of the 2 trade teams has concluded. US Trade Rep Lighthizer & Treasury Sec Mnuchin spoke to Vice Premier Liu He to finalize the Phase One deal with China. US Sources say the teams are close to finalizing some sections.."

so it is an uptrend day and this bull shall have legs.

Reminder: 7/26/19 ATH 3027.98

Al_Dente wrote:Reminder: 7/26/19 ATH 3027.98

That would be the unadjusted prior high

not a good sign for an uptrend day as pullback to ema20 usually means the trend is near over, although generally the pullback would be bought.

According to CNBC: "S&P trades above record closing high”

At long last, the final outstanding up gap target from July 26 has been closed.
The only open gaps, and there are several, reside below.

Note that today's high is being made on a negative NYMO divergence.

Conditions generally favorable into FOMC and October month end.
However, at some point, Mr. Market will sweep out some of those gaps.

Still long.

ES five minute. Messing around at the pivot. Riding the EMA 20.

ES daily. Breaking out of the base. Well above the EMA 20.

ES five minute. Dipping down beneath the pivot, the EMA 20 and a trendline.

Have a good weekend everyone. We will see what Monday brings.

just as I said, once the ema20 is touched the trend is over so now it's falling into a range, don't know whether it'd rebound to the day high again before the close or not.

WEEK AT A GLANCE, an hour early