Cobra's Market View

Cash index fib: Bears still in full control

Black Bar Filled Opening Pullback

Two Overvalued of Three Option Sentiment Indices = UP

Do all these gaps indicate unfilled demand ?

hong kong
police just started firing tear gas

AD bulls opened more than 6x bears
Now 1.9x but that’s still bull, unless/until it drops below 1.6x

hit
2963.75 at 11:29
(which is the range rule target)

Overnight low, 10 more handles to fill, LOL

Best sector of the year [per CNBC]:
Discretionary XLY
ATH
It is still overweight AMZN = 23.08%, and overweight HD at 10.31%
(RCD, equal weight discretionary, no new high)

There should be a strong support at 61ish, This is a major Gap and NO go however you slice it.

Al_Dente wrote:AD bulls opened more than 6x bears
Now 1.9x but that’s still bull, unless/until it drops below 1.6x

1.7x
1.59x

went through 61 like a knife on a butter.

We are closing in on "Prime Day" formerly known as Christmas in July. Amazon and Apple have this in common, they never disappoint at major holidays. I can assure you my wife and daughters are working on their wish lists. Always a boost from the staggeringly large one day totals.

Prime fix up quarter is closing out waiting for Orange Box to report. Once it gets too hot to paint and garden numbers won't be so good.

Looks like this was a gargantuan news event where all we got was confirmation of the forecast. So on paper two way trading resumes once we get to the place where the news run up started. I am not sure where to mark that but my guess is around the cash close.

Pretty good day for trend channels so far. Mid line isn't working real well but I shouldn't complain, it has been a long time since trend didn't reverse at the Euro time zone close.

Al_Dente wrote:

Al_Dente wrote:AD bulls opened more than 6x bears
Now 1.9x but that’s still bull, unless/until it drops below 1.6x

1.7x
1.59x

1.36x

Short trading week

To get a bearish engulfing on the weekly will be a tough one for bears to work it with a short week like this week.

Ace up the sleeve payrolls on Friday morning with every pro trader that can far away from their moniters on a four day weekend.

Not that much to fill the gap, I don't know why they register the /ES as +16 points. closed was 55. now trading at 60. talking about painting job.

They tend to use the regular or former open out cry pit traders close instead of the futures 4:15 close. I am always off on gap closes because my indicators just work better using globex hours, but makes me have to look up official close.