Cobra's Market View

Cash SPX, True bear will not allow this line to regain a strength.

Day four of backtesting the 2/19 high
Bulls need to get back above the 20ma pronto
Bears want the lower lows to continue
(as fern noted we are sitting right on the 50sma)

50 day....

I don't think bulls will allow this week to closed under last week's low. LL is clear, but to closed under last week low, it is serious stuff on a reversal confirmation. PPT is on alert no doubt.

This bear shall have legs.

ES Dec contract, I don't see a good support until we hit 3289ish.

WEEK AT A GLANCE, early
Mostly lower lows

Al_Dente wrote:On the 60min, NYFANG printed a bullish divergence last night at the close

that has changed
NYFANG now at potential triple bottom
stay tuned

Cash SPX, bulls still have a hope for a reversal, but one more sell before the lady shows up.

lots of -1000 tick, sooooo... bulls will have a hard time.

Maybe a double bottom???

Maybe a double bottom here, watch.

If bulls stay weak like this another half an hour, bulls will flee, RED Friday and RED Monday to follow is not something bulls want to hang around to see. just saying, I will be out and sleep well no matter what.

Last sell, same playbook. no new LL from here bears will pack up and leave. new LL will be dangerous today.

BachNut Friday afternoon edition...

NYMO cycle is still down.
However, the low was a few days ago and landed in the Turn Zone.
Maybe the low is in but NYMO is still weak.

Price has closed some gaps and has tagged the middle keltner and 50 MA.
We are in a gap sandwich between SPX 3426.96 and 3306.51.
Got close to that lower gap, but did not close the deal... yet.
There is also a positive NYMO divergence where price has hit new lows, but NYMO has not.
So, maybe a bounce on deck soon.

I am still short an R2K runner.
I shorted SPX for 2 scales. The runner got stopped the other day at breakeven.
I may consider reloading on a rally but have to see what happens.

Wishful thinking, I am on the Red team.

Bulls need this MA support, it gonna hurt if not.

Day trade: what I did last move was taking out half, and let the other half runs with stop at 3333 ES Dec.

I have fun today, Peace!

traders have been shorting the fangs since 9/3
but they needed a fresh high here on FNGD and they didn't get it yet