Cobra's Market View

That's all she wrote for bears today. I am done. Peace!

SPY 5. Moved above the EMA 20.

Cobra wrote:Now finally it's clear just as I felt at the open, likely it's just a range day. Now it's the bear's last chance to make it a downtrend day by push sharply down here, 30% chances.

That's quite a P-Bar on Cobra's SPY

$BKX Target - 100 %

red close ?

ES 5. Up through levels of resistance.

The NYMO cycle is finally confirmed down, but talk about volatility.
For awhile there has been this bouncing ball between the zero line and the upper turn zone. Quite extraordinary.
Things broke down with yesterday's flush.
The opening trade this morning had NYMO in the lower turn zone.
So, the bounce here is no surprise.
I would also not be surprised to see NYMO bounce back to the zero line in the days ahead.

Pricewise, we have been coiling around the middle keltner band.
The retest of the April high found resistance, and now we have a bit of a double top.
The 200 MA is converging with a gap target not far above the highs.
I wouldn't rule out a trip up there to mess up minds, but it would probably be a sell. The market can do what it wants.
There is a big P Bar this morning that goes down to a gap target below today's low. So, that target is likely on the agenda at some point.

I am still sticking to short time frame day trades (long and short) given the funk.
I do have some longer time frame short setups percolating but not quite mature.
So, that may be some business in the days ahead.

Gap filled as expected. Now let's see where the range high is. It cold be an uptrend day (40% chances) but it'll be mostly within the yesterday's range so I'll treat it as a range day anyway.

Is this the pullback you’ve been waiting for?
https://quantifiableedges.com/is-this-t ... iting-for/

Cobra wrote:Gap filled as expected. Now let's see where the range high is. It cold be an uptrend day (40% chances) but it'll be mostly within the yesterday's range so I'll treat it as a range day anyway.

Good call

BullBear52x wrote:That's all she wrote for bears today. I am done. Peace!

Nice trades

Some leaders and laggards on the Dow.

Options traders buying puts
They are covering but the bears aren’t throwing in the towel just yet
Benchmark: the higher lows
VIX, 5min

Probably it's not a double top here, it's a C&H so bias is up.

SPY 5. Up over yesterday's close. There is no give up in the bulls. And of course the poor, and those living pay cheque to pay cheque are not in the stock market. But the funds need to allocate their money. Placements long are getting harder to find.

Breakout as expected. It's a measured move up but I don't think it'll reach the 100% target, will rollover before it.

"A top-heavy market tends to topple"
https://sentimentrader.com/blog/a-top-h ... to-topple/

"When Twitter, a $22 billion company with a headquarters in the center of San Francisco, told employees they could work from home permanently on Tuesday, techies in the Bay Area began to wonder why they were there at all."
https://www.buzzfeednews.com/article/al ... es-leaving

Pullback before the 100% mm target as expected. The pullback should be bought somewhere though.