Cobra's Market View

Flat open, any gap will be filled. I have no idea what the market will do today. Purely from feelings the Global ES looks incomplete so there could be some push up today. On a little bit bigger picture, as said in the last night report, it's a bear flag so the selling should not be over yet, well, just NORMALLY and this is no normal market at all, so we'll have to wait and see.

Gut feeling, today is a bullish day.

opx games in play

Good Morning.
The day may be off to a good start...
EURUSD: http://99ercharts.blogspot.com/2011/05/eurusd_3156.html
Accelerated channel.

ES
Appears that prices are prepared to fall to the lower channel line (red) and in so doing finally break down out of a long-standing rising channel (grey).
http://99ercharts.blogspot.com/2011/05/es_7676.html

BULL trend day!

Long AGQ and SLV silver calls as of yesterday morning and they're up huge today. Get on board the silver rally while you still have a week till the next turn date.

RUT
Looking for a break of that first neckline today.
http://99ercharts.blogspot.com/2011/05/rut_18.html
There's another one below.

More on Silver

DXY
Looks like a right shoulder developing today.
http://99ercharts.blogspot.com/2011/05/dxy.html
IH&S.

GM,
Back test zone, little up and down, me predicts.

the open.

SPY will top out at bear flag top channel a turn there we will also have negative divergence.

just a guess overshot plus volume surge, could be a pullback or consolidation here?

the open 60 min bar doesn't look good - Doji under EMA20, also don't forget ChiOsc above.

Cobra wrote:the open 60 min bar doesn't look good - Doji under EMA20, also don't forget ChiOsc above.

I still see a bullish chance.
If breaking back to the channel fails, then the most bearish scenario is the dashed red line.

Now we are at the extreme price resistance level, look at RSI, not that strong isn't it? I will not add on my shorts here it's against my rule but if I hadn't had a position this is the area I will start selling.

My guess is Bulkowski wrote about this chart pattern for a good reason. We shall see today.

http://thepatternsite.com/Blog.html#P17

I'm leaning to upside until trendline is broken. It's currently pointing to 1400 by middle June, so we have to consider that until a break.

gabor wrote:

Cobra wrote:the open 60 min bar doesn't look good - Doji under EMA20, also don't forget ChiOsc above.

I still see a bullish chance.
If breaking back to the channel fails, then the most bearish scenario is the dashed red line.

If we have impulsive up waves, the black 3 and 4 could be the less degree wave and wave [ii]. Now we are in wave 3-[iii]-(iii) now.

-Waver

10-Year Note
Bonds, Ben. Bonds.
http://99ercharts.blogspot.com/2011/05/10y_18.html