Cobra's Market View

Chart for the road: Bears are looking better but not pretty yet. Try again tomorrow. Peace!

Talking heads claiming markets will be range bound until Mr Powell reveals all to Maxine and friends mid week. I think they are gasping for air because no where is it written that a central banker will wack .5 off of rates with low low unemployment all time high markets and worse yet, intense political pressure to do so. To me reality is the tsunami of earnings cuts and the huge gap between equity and bonds. Since bonds usually get it right.

Someone quoted somebody this morning along the lines of 'don't panic, but if you do be the first'. I think the set up is there for something to panic this market down and with the reduced supply of cash (earnings black out) there will be fewer green knights riding to the rescue.

kind of descending triangle, bias still is down.

Swing traders view from Coolbiz today on twitter. By the way after making $100,000 plus in May swing trading the selloff he repeated in June on the rally. Just saying he walks the talk.

"All healthy BULL markets like this one has a lot more to go on upside yet BUT needs healthy corrections for 2986-667= 2319 points RUN to sustain upwards after."

"Another realistic probability here, called BROADENING FORMATION in pure T/A.
Its quite bearish for a deep correction.
All calls for corrections are JUST correction in ONGOING BULL TREND in the future. Not to be MISCONSTRUED. SECULAR BULL IS ON since 1932"
Picture of the now popular weekly chart showing the megaphone pattern.

and finally something for all us home gamers (referring to Deutsche Bank) "Bottom line is all their sophisticated analysis, so-called Money managers around the world with many degrees including Math. Majors can't even get their direction of the trades right. Have been betting on the wrong direction to lose $1 Billion/p.m."

Based on internal RS, IWM is the weakest of the majors today. Has not threatened to cross above its (downslope) 15min 20ema.

AAPL still under 200. XBI down over 2%. XOP and KRE down >1%. XLE, XLU, ITB still green.

Paint the close rally time?

Briefing.com:
"After spending a decent portion of the morning in positive territory gold futures slipped into the close, settling lower by less than 0.1% to $1,400.00/oz."

GLD is currently down a little, SLV and GDXJ are up a little.

The VIX is holding above 14--about midrange on the day.

ccash04 wrote:Paint the close rally time?

Possibly. QQQ is much closer to the HOD than the low. And SPY shook off the marginal new low rather quickly.

Trend lines don't look like a range at this point.

Kinda needs to hold Tuesday's POC overnight. Looks like a no energy day but who knows they may have a need to ramp up into the close but I think we are tooo far away from options expiration for that.

Daniel wrote:Based on internal RS, IWM is the weakest of the majors today. Has not threatened to cross above its (downslope) 15min 20ema.

IWM was just rejected at that (still downslope) ema.

QQQ is right back near the Open/HOD...

Daniel wrote:GLD is currently down a little, SLV and GDXJ are up a little.

GLD is now down about -0.4%. SLV, GDXJ are both flat.

AAPL continues to struggle w the round 200 number--still just pennies below.

well, guess that's it for today. here's what Tuesday looks like. 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/tenpp

Both SPY and QQQ closed within the range of their first 5-min bar. Ultimately, quite sideways. With one false-breakdown fakeout--around 2:30. But.. one that QQQ adamantly did not confirm--instead making a higher low.