Cobra's Market View

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A little resistance here. Possible trend day either up or down.

The members only update starts here: http://www.cobrasmarketview.com/2021/01 ... ay-update/

ES daily. Dawn of a new day, and a new USA Administration. The market is up.

Mad market, sell first ask question later.

ES one minute. Gap up.

market wants to breakout but they spent all night to move it already. I think down first then more attempt to push up later in the day.

SPY five minutes. Hitting the Pause/Pullback button.

SPY 5 minutes. Was scalping long on ES (although SPY shown here), but taking a break now for coffee, and see some news. Expect a large pullback at any time.

Could be a pullback here first then we'll see whether bulls can make an uptrend day or not. So far bulls look promising.

For now bears doesn't have much to hope for, but not a buy for me at this point.

Here's reason calling a pullback: Bars got wider and wider, classical exhaustion.

The pullback probably will be bought but it's too large for an uptrend day so guess it's just a range day, the best up part of the day has done.

I believe it's C&H which is bullish instead of double top here.

"China has decided to sanction 28 persons who have seriously violated China's sovereignty and who have been mainly responsible for such U.S. moves on China-related issues. They include Michael R. Pompeo, Peter K. Navarro, Robert C. O'Brien, David R. Stilwell, Matthew Pottinger, Alex M. Azar II, Keith J. Krach, and Kelly D. K. Craft of the Trump administration as well as John R. Bolton and Stephen K. Bannon. These individuals and their immediate family members are prohibited from entering the mainland, Hong Kong and Macao of China. They and companies and institutions associated with them are also restricted from doing business with China."
https://www.fmprc.gov.cn/mfa_eng/xwfw_6 ... 7554.shtml

FOR THE BULLS:
Nomura's McElligott "room to buy much more."
looking ahead, the "flip level" is now at 3711

ELSEWHERE: posted today but data is from 1/15/21
“Ned Davis, the senior investment strategist of his eponymous Ned Davis Research, says the market looks bubbly but that the ride up will still continue. The percentage of stocks making weekly new highs has risen, while the percentage of stocks making new lows has remained low, he said. Historically, new highs peak 36.5 weeks before the market does. He does agree the market looks extended relative to its long-term trend. But it isn’t as extended as 1929 or 2000, he says."
https://images.mktw.net/im-287556?width ... 1040723982

The very first test of EMA20 in 2+ hours usually is buy, watch EMA buy setup which may just be good for a scalp and may also imply the uptrend is near over though.

second buy intraday, I am sitting out, can not buy this market.

last buy failed, now bears got to try again next sell setup.