Cobra's Market View

good, the market chose to go up just as I thought (higher low), the next point to watch is Fib 50 dashed line, whether this is a double top.

critical time as I said. My guess is it should breakout.

Bulls need to work hard here, MA band is now under 5dma. not bullish in my book.

Dow Trader wrote:

Cobra wrote:

Dow Trader wrote:I will not short a market with this table as it is with only 4 hours to go .. but thats just me

yeah, I saw AUD very strong, hard to image the market tanks here with so much liquidity flowing around...

Copra,
more charts, check the Dow 1 min and Russel2000 15 minutes

its coBra not coPra

99.87 gap taken out.. next gap is 100.74 ... lets see if the market cares about 100 oil because it is here to stay now with our shitty dollar. i will buy any pullback near 100.

damn i was asleep at the wheel today.. like a deer in headlights

131.65 that's the number floating in my rusty crystal ball.

here is my line in the sand, orange zone is do or die for bulls. break time.

multiple support here.

SPX weekly:

“Lemon trees are very pretty…”
…and:
“Rounded Tops are very tricky…”
Can you name that tune?

Remember the rounded transition top of 2007/2008 ?

hmm, not good, the rebound is not as strong as I thought it would be, but as long as the green line holds, still there's a hope.

EvilTrader wrote:

Dow Trader wrote:

Cobra wrote:

Dow Trader wrote:I will not short a market with this table as it is with only 4 hours to go .. but thats just me

yeah, I saw AUD very strong, hard to image the market tanks here with so much liquidity flowing around...

Copra,
more charts, check the Dow 1 min and Russel2000 15 minutes

its coBra not coPra

sorry, you are correct ... excecuse my weak english

Cobra wrote:hmm, not good, the rebound is not as strong as I thought it would be, but as long as the green line holds, still there's a hope.

cobra your green line is just marking the higher low correct?

since the 2nd leg wasn't strong enough, so now the big picture isn't clear anymore if not little bearish biased. let's wait and see.

agnosia wrote:

Cobra wrote:hmm, not good, the rebound is not as strong as I thought it would be, but as long as the green line holds, still there's a hope.

cobra your green line is just marking the higher low correct?

no, it's already higher low as it's clearly 2 legged up. the green line is the neckline for a potential double top. rebound failed at double top would be very bad.

Thanks for the great posts Cobra and all of the team here....glad to join your community of traders.

Cobra wrote:
no, it's already higher low as it's clearly 2 legged up. the green line is the neckline for a potential double top. rebound failed at double top would be very bad.

gotcha thanks.

Damn. Tough day to trade. Squeezed out a $40 Scalp. I'm quitting. I think one more lower low in the 1319-1326 range today or tomorrow but simply don't feel like shorting again with this action.

agnosia wrote:

Cobra wrote:
no, it's already higher low as it's clearly 2 legged up. the green line is the neckline for a potential double top. rebound failed at double top would be very bad.

gotcha thanks.

Do you guys see an intraday Triangle? with a drop from it NOW?

SPX
From one rhomboid to another...
http://99ercharts.blogspot.com/2011/07/spx_8025.html

Now for EUR update ... ( Remember my Wed Jul, 20 EUR chart ? check it with today's chart )