Cobra's Market View

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list HERE. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

• Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, Please subscribe my Daily Market Report.

• Personal attack on any board members won't be tolerated. Please limit your topic to trade related only.

• Please no direct link to your personal web site or blog. You must post rich contents here. You can, however, put link to your personal web site or blog as your signature.

• I'm very busy during the trading hour, so your question posted on board might not be answered. For a guaranteed answer to your question please send email to info@cobrasmarketview.com.

========================================================================================================================================================================

No idea up or down from here. Possible range day.

The members only update starts here: http://www.cobrasmarketview.com/2020/06 ... ay-update/

Inside day still, a classic retest historical R/S line

Cash SPX Fib, problem at 61.8% looks like, sell it baby.

ES fails here, we go back to yesterday's low.

New lows bro's

red close ?

Rare Friday

DIA SELLING < 256.05
QQQ SELLING < 245.96
SPY SELLING < 306.39

SP.1 SepFut SELLING < 3082

I am back on the sell side because I see a possible pattern in the VIX with similarities to Feb 18th
http://schrts.co/aMqtmcGn

$TRIN 1.20 = DOWN
Two/Three ISEE Indices = DOWN DOWN
Index Long Opening Undervalued PUTS Three times calls = DOWN DOWN DOWN

From sleepy to steepy SELLOFF
One for the record books ?

Not a bad day for morning bear, need to get out of the range to seal the deal tho

Mr. B here.

The NYMO cycle is down.
It is in the lower turn zone as I write, so time to be watching for a turn up, perhaps next week.
Alternatively, there is still a ways to go before hitting the oversold zone.
The last up cycle was very minor. I consider it a corrective within a bigger down cycle from the June 8 high.

Price-wise we are in a key time.
After busting above the 200 MA at the end of May, we backtested it as support in mid-June and are now testing it again.
It got tagged yesterday and bounced.
We also have a rising middle keltner approaching.
There is also a positive price divergence against the weak NYMO. This is typically bullish behavior.

All that said, closes below the June 15th low would argue a failed breakout and test of the 200 MA and a broad sell-off could ensue.
Conversely, closes above the June 8th high would argue a successful breakout and a new bull market.
There are intriguing gap targets in both directions.
So, we have a bull/bear battle. NYMO suggests the bears are winning. Price suggests the bulls are holding the line.
Price rules.

I am short the R2K with one scale in the bank. I have room to add on a bounce or even on follow-through.
I have short setups percolating on SPX too but they need better price action to get going.

No bottom until TSI crossed back, keep it simple.

I have already decided I will be holding a ton of SPXU over the weekend. I am not going to daytrade this away this time.

For bears, histogram is on your side to test June 15 low.

For bulls you need $1.2T bill to pass

EDITED $2.5T

Testing the yesterday's low, let's see how the typical break down then sharp reversal up works first. Should be a rebound here first but overall, not looking good for bulls.

Bears max gain will be 2990, that will make today very good day in a long time.

$SPX < 2965.66 = Free Falling

https://www.youtube.com/watch?v=1lWJXDG2i0A

BullBear52x » Fri Jun 26, 2020 10:52 am
Bears max gain will be 2990, that will make today very good day in a long time.

Agree!!!

Wishful thinking, see TSI, it is bottom possible.