Cobra's Market View

Last trade for me intraday. will hold over night one lot.

Well... the NYMO cycle was up. Not sure now.
It has slowly ratcheted up since late December but is reporting negative this morning.
There appears to be an error in my chart showing it to be hugely negative.
I believe there is an error in the data. Until this gets cleaned up, I don't have a good number.

Price is punching down on this OPEX day.
This is squashing a bolus of SPY calls at 380 and messing with another bunch at 375.
We have a down gap just below the current day low that may want to get closed.
We have two up gaps above now. So, bears should not get too excited yet.
However, there is unfinished business at the stranded benchmark at SPX 3642.31 that beckons at some point.

I am flat.
I had an SPX long that stopped out on the break of Monday's inside day low after one profit scale.
I had an R2K long that stopped out this morning at breakeven after two profit scales.
These positions were on the small side. Net Net I figure this will be a red campaign after the math is done.
A wet dog comes to mind...
Nothing on deck at the moment though I may reload some R2K on a successful test of this mornings low... or sit on my hands and have a beer instead.

Corrected chart.
I noticed I hadn't updated the maroon NYMO cycle lines for the last cycle.

Touch the EMA20 as expected and the breakout was clear so it's just a range day as I guessed.

The Red team is in trouble now. (I am on Red team) watch MA support if the Blue team were meant bizness.

Classic good bye kiss, well these days and age is all about algo they said.

No strong up here then there could be another leg down, key time.

Public Service Announcement

Options ex today going into 3 day weekend. Do not be surprised by market going on wild ride last hour of trading

SPY 5. Riding along the EMA 20 and slipping beneath it.

Have a safe weekend everybody. Crazy times.

Added high volume dots. Sure looks like the big guys finished this morning so they could sneak out at lunch for a long weekend.
Will find out during POWER HOUR

Reaching measured move for 2 legged drop. Power hour starting with a bang.

Cobra wrote:Monday has been ...

Monday is a US stock market holiday, no?

Well guess that's it for today. Here's what Tuesday looks like: https://stockcharts.com/public/1684859/ ... /533449374

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449374

K447 wrote:

Cobra wrote:Monday has been ...

Monday is a US stock market holiday, no?

Fixed. Thanks.