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.
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.
Small gap down open within yesterday's range, so the gap might be filled.
Global ES maybe back tested the breakdown point overnight and now turn down to test yesterday's low, so key time, need decisively breakdown yesterday's low to claim that this bear still is alive. so let's see.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
SPX: I maintain a bullish bias as long as bears don´t reclaim the pivot support at 1398
My bullish bias is based upon an uncompleted EW count of the up leg from the November 16 low, since I am considering that price is unfolding a Triple Zig Zag = 11-wave move
If this count is correct and price maintains intact the outlined rising channel of the 60 min SPX chart, which I attach below then we are very close to a potential reversal.
Keep in mind that at yesterday´s lod price tested the important support of the 50 dma.
If this area does not hold then price should continue the current corrective pullback towards the next support located at the 20dma = 1404.
I will not modify this count as long as bears do not achieve an eod print below the pivot support at 1398.23
SPX daily candlestick does noy give me too many bullish vibrations. If bulls fail at yesterday´s lod then as we can see in the daily SPX chart below, odds would be very large that price should easily drop towards the next critical support located in the area of 1404.
If price confirms my short term scenario then the potential top for the assumed wave (B) (Under the scenario that the corrective pattern from the September high is not over yet) can be located at the 0.786 retracement = 1446, in which case price will not breach the channel I have outlined in the SPX 60 min chart.
We also have as an indication the potential extension 1 x 1 of 40.36 points of the previous up leg.
Mr VIX as it is usually the case, when the market is approaching a potential turning point, should give us valuable clues. Here we have a clear trend line resistance both for the “fear” index and its RSI + the 200 dma that will dictate on the market behaviour. Usually we should see the VIX Index at the lower Bollinger Band when a major top can be established or at the upper Bollinger Band when price is involved in a bottoming process. Now we are in more or less in the middle of the range.
For the longer-term time frame if VIX remains constrained between the 2 converging trend lines then a large move should be expected maybe during the month of January.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
I read oil consolidation here as a little bit bearish biased.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Euro looks good, could be cup with handle in the forming.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
DAX looks great, at least the very 1st pullback, IF ANY, would be bought.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.