Cobra's Market View

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The pullback overnight so far looks like a bull flag, probably will be bought. Possible range day.

ES daily. Pushing its nose above resistance.

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

Today should be easy ride. I am selling of course.

That was quick, there should be a support here at 5m min. MA support. take half.

Bears need to see LL from here. a trade above 47ish will most likely turns into a range day, even we trade lower today, the late day rally is still possible,soooooo Bears be nimble unless the gain is more than 30+ handles then the game is changing for bears.

TQQQ split 2:1
and stockcharts ACP hasn't updated yet

No support from the AD

Same internals, BUT THIS VIEW IS FROM THE SHORT SIDE, where declines are 2x advances, at the moment

Testing yesterday's high. The up so far is strong so breakout might be a little more likely than a double top here.

The overnight high was reached at the end of the Asian session. So the lowest volume and frequently reversed. London/Frankfurt made a slightly lower double top 3857 and then sold off into the US open. Going to need some market moving big news item to take out that double top, not this slow grind.

SPY 5. The usual ups and downs, on a train going nowhere.

Market behaving. Last bounce was off overnight low to the tick.

Testing day low, should be a rebound or consolidation here first then we'll see.

and the options folks ease up on their call buying

Just a mid-day observation...

Price hit the upper keltner band yesterday, which is bullish.
However, NYMO is negative today.
NYMO has been bobbling around the zero line for several days now but we have a bit of a lower high lower low pattern at the moment over the last four days.
So, we have a negative NYMO divergence unfolding.
We have three down gaps that have opened up in this NYMO context while outstanding up gaps have been closed.

Bottom line is a weak close would suggest some caution for bulls.
Negative divergence is a tell but not really actionable though until confirmed by price.

I am flat.

Meanwhile over in London
WEED
https://www.bbc.com/news/uk-england-london-55749321

SPY daily. Swing trade view, still long, but getting dicey. IMO.